We know what’s coming and we are prepared.
🇺🇸 🇯🇵 🏦 From Nomura Charlie McElligott:
Markets have largely priced in a Trump victory and Wall Street seems to be eyeing a full Republican sweep next week.
In the event of a Harris victory and a gridlocked congress, traders are positioned "Risk Reversal" across asset classes sending bonds higher while sending interest rates, deregulation themes such as bank stocks ($XLF), gold, and bitcoin lower.
In the unlikely event of a full Democratic sweep of both the Senate, the House, and the Presidency, serious acute downside risks for the broader stock market is likely given negative growth implications of re-regulation and corporate tax hikes impact on earnings, especially after markets have already rallied considerably into the election on expectations of tax cuts.
🗒 In simple terms, if Harris wins but congress is R or split, bonds ($TLT) should rally while bank stocks ($XLF) gold, and bitcoin will likely see downside while the broader market ($SPY) will likely still rally into the end of the year
❗️ However, if Democrats sweep all of congress and the presidency, expect a potential -7% to -10% in the broader market ($SPY) over 1 to 3 months after the election
Overall, market participants are "over-hedged" given recent volatility over the past three months. In the absence of a Democratic sweep, hedge funds are going to FOMO into higher net exposure through to the year's end to make up for the cost of current downside hedging and underexposure.
@CIG_Telegram
Paper
Zohran Mamdani’s intern Arzoo Malik is calling for a Holy War through Jihad and martyrdom:
“This is all jihad, this is all ibada, and this is all counted for by Allah. How committed am I to this? What am I willing to sacrifice for this noble cause?”
🔗 Eyal Yakoby (@EYakoby)
@CherokeeOwl 🦉
@BrettColdwell
🇺🇸 One good eye = three good teeth. This woman said she would assassinate President Trump and claimed she would target members of the Trump family one by one. She also threatened Elon Musk and made alarming comments about the Pentagon.
She has multiple accounts across social media, including one with more than 30,000 followers.
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🌆 Market News Digest
May 20, 2026 EST
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