THE SELLOFF
Markets are trading lower on the heels of the democratic win - the DJIA -165, NAZ 27 and SPX - 17.
Strongest sectors- biotech, internets, shipping, banks, ags and large cap value while emerging markets, metals, real estate and oil service lag.
NYSE- 1500 net losers;
NAZ- 980 net losers;
NDX- 15 GREEN;
OEX- 15 GREEN;
DJIA -GM JPM GE all green while BA AA DD UTX C HPQ lag red.
VIX- up 5% at 50;
Down volume 5X the up;
Gold -$755 down 8;
Crude $69 down almost $2;
RSI (2) indicators starting to work again as the over bought indicators yesterday (95+) were a pretty pretty good sell signal.
Also seems like the big volatility is gone so buying lower and selling higher may be back in business.
Winters from WGRNX with his buy list from an article this morning.
Poll results- the winner probably Rasmussen - but ZOGBY and HOTLINE were also pretty good- WSJ CBS a bit wide.
This fish -not bad at 350 EV's and 52/45;
3 Comments:
Well, you got what you wanted, David. Now they can't blame "everything" on Bush anymore. I just don't see how a "spend for programs" kind of President who wants to increase taxes on productive people and "redistribute it to those who aren't productive" is a good thing. Now, "I" get to see if that works.
I'm of the libertarian slant...so I wasn't a fan of the Iraq war either. That said, I don't think an FDR approach here is going to help in the long run. Our problem is our "debt." I don't see Obama worried about that.
Historically the markets do better under a Democrat. Seems counterintuitive, but the truth.
Obama seems pretty sensible in addition to the fact he is one smart man. We tried Tamworth's way for eight years.. Don't know about his portifolio by my IRA's suck.
JWC
Y- as far as markets - I am a big believer in reversion to the mean- its down over 35% with dubya- so chances are good for a nice run under who ever is there for the next 8-
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