European markets apparently celebrated the US election results, with the EURO STOXX 50 index rising 1.89%. The US markets opened higher and both the Dow and the S&P 500 (my preferred benchmark) ended the day at record highs. But the enthusiasm was less pronounced. The 500 gained 0.57% for the day, just off its 0.58% intraday high. But the volume was at its 50-day moving average.

The yield on the 10-year Note closed at 2.36%, up 1 bp from yesterday's close.

Here is a 15-minute chart of the past five sessions.

Here is a daily chart of the SPY ETF, which gives us a better sense of investor participation. Volume on today's record close was on weak "turnout" -- 31% below its 50-day moving average.

A Perspective on Drawdowns

How close was the October dip to an "official" correction, generally defined as a 10% drawdown from a high (based on daily closes)? The chart below incorporates a percent-off-high calculation to illustrate the drawdowns greater than 5% since the trough in 2009.

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For a longer-term perspective, here is a pair of charts based on daily closes starting with the all-time high prior to the Great Recession.

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