Markets closed near the flat line cept for the dopey DJIA which was up 73 on the heels of the big rebound in GM shares +1.5% and good for about 1 point on the industrial average.
Market internals were about 2/1 red on the NYSE and a bit better on the NAZ;
Down volume about 1.5X up on the NYSE;
Drugs, defense, homies and trannies the best sectors with gaming, oil service, steel and metals the worst;
Interesting how with Obama seemingly increasing his lead per polls and intrade- the drug stocks are starting to get a bid- DRG +5% over the last month while the SPX is lower by about 7%;
Don't forget all the bulls who anticipated great stuff for drug stocks with a W administration- note the index is down about 25% during his 7.5 years in office; -
I am looking at mean reversion for stocks during the next administration regardless of who wins;