Markets Say: Flip in UT Gubernatorial Primary; Jorgensen takes lead in Libertarian nomination
Newsworthy Moves
Spencer Cox and Jon Huntsman, two contenders in the Utah Republican Gubernatorial primary flipped yesterday as polling came out showing a significant lead for Cox — a result the market had not expected.
Let’s analyze the movement. Based on a tweet from Utah Policy, the poll numbers were available at least as early as 8am.
However, the market reaction was slow:
Seen above, Jon Huntsman trends down gradually before dropping significantly in the mid-afternoon — a move that ultimately appeared to be an overreaction.
Cox’s contract saw the same gradual behavior. After a jump in the evening, some traders took profits after the move.
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