November 6th, 2008, 05:09 AM
posted to rec.outdoors.fishing.fly
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DJIA up sharply, anticipating Obama victory
On Wed, 05 Nov 2008 21:26:39 -0600, Peaceful Bill
wrote:
daytripper wrote:
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.
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.
As I said yesterday (You must be having a retention problem), the market
had priced in (down) an Obama victory. The market was up due to several
good earnings reports. You better check your facts before you puke from
your fingers again.
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
And the market readjusted down because Obama actually won. There was a
chance he wouldn't, the market fell when his victory was assured.
Daytripper? Must be using too much LSD for your daytripping
Whatever. What's truly amazing is your endless ability to ignore facts placed
right in front of your face and keep on spewing your delusions in public...
/daytripper
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