It looks like we’ve got a buy the rumour, sell the news situation. The DOW went from 8,000 to 9,500 on the prospects of an Obama victory, but now that it’s actually happened, the cold, hard reality that phony, crony capitalism led by Bush still exists is setting in.
The market will likely sell-off today as market participants realize that we still have one of the dumbest people alive in charge. As inauguration day gets closer, I expect the market to start picking it up again.
