On Wed, 05 Nov 2008 13:01:07 -0600, Peaceful Bill
wrote:

wrote:
On Nov 4, 11:45 am, rw wrote:
The free market has spoken. :-) If McCain wins watch it drop.

Ummm, don't look now but the DJIA is down today.

I know it's not correlated, but if McCain had somehow won you'd
be pointing at the DJIA today screaming the sky was falling.
- Ken

The market was up yesterday because of some favorable economic reports.
Down today as a result of the election.

Do you ever even bother to take a look around you before you opine, or is your
inner parrot set to "mindlessly automatic mode"? Seriously, you seem to be all
about ascending to the throne of the Intellectually Bankrupt King here.

That Obama would win the election was well understood by the investment
community (and pretty much everyone but you, apparently), and thus the market
was up yesterday because (1) there was virtually zero economic news and (2)
the classic "buy the rumor" was in effect.

Today, the "sell the news" phase was in effect - but more importantly, there
were two very significant economic data points released that showed the
economy is continuing its inexorable down-slope:

"Jobs: The labor market continued to get hammered in October, as demonstrated
by two reports released Wednesday."

"Job cuts announced by U.S. employers rose to 112,884 in October from 95,094
in September according to outplacement firm Challenger, Gray & Christmas. That
marked the highest number of layoffs in almost four years."

"Another report, from payroll services firm ADP, showed that the private
sector lost 157,000 jobs last month, up from a revised drop of 26,000 last
month."

"The reports were especially worrisome ahead of Friday's big government
report. That report is expected to show that employers cut 200,000 jobs from
their payrolls in October. Meanwhile, the unemployment rate, which is
generated by a separate survey, is expected to rise to 6.3% from 6.1% the
previous month."

/daytripper