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The market is up for 3 days because Obama has been on TV for the last 3 days whispering sweet nothings. When the press conferences stop so too will the rally. The market is rolling over on the way back to 750. The fact that it's not free falling doesn't change anything.
It's been bobbing along at the 840-860 level for 2 days, I'm guessing that in this market holding your own is considered a rally. The next leg is down, not up.
Like sahtt said, look at the volume in the front month e-mini futures, almost non-existent. I'd be selling them right now if anyone were buying.
The market is up for 3 days because Obama has been on TV for the last 3 days whispering sweet nothings. When the press conferences stop so too will the rally. The market is rolling over on the way back to 750. The fact that it's not free falling doesn't change anything.
It's been bobbing along at the 840-860 level for 2 days, I'm guessing that in this market holding your own is considered a rally. The next leg is down, not up.
That's just wrong if the market's rallying because of Obama's announcements for his economic team. Cheer the markets once they've proven their talents right? There's just no reason to rally because the president elect is forming his economic team geeez
Whether it's a "good" reason or not is irrelevant. Obama's confidence inspiring "control" of the situation to whatever extent has probably contributed to the market's action. Technically everything contributes to it, just some aspects have a visible/detectable impact.
Barack Obama has stumbled upon the most inexpensive method to raise the U.S. out of its economic difficulties: rather than doing something about the problem, simply hold a press conference every day (even cheaper: only every weekday) and list the new people he's going to hire to work on the problem.
Originally Posted by magician,Nov 26 2008, 02:09 PM
Barack Obama has stumbled upon the most inexpensive method to raise the U.S. out of its economic difficulties: rather than doing something about the problem, simply hold a press conference every day (even cheaper: only every weekday) and list the new people he's going to hire to work on the problem.
I'm confused about your comment of "rather than doing". The man has no power whatsoever at this point so what is he supposed to be "doing"? As far as I'm aware, the lame-duck (boy was that hard not to mis-type using a different vowel in duck) president and HIS staff are the ones who are supposed to be "doing" something and so far all it seems to be is giving away more money with fewer restrictions on it.
I'm confused about your comment of "rather than doing". The man has no power whatsoever at this point so what is he supposed to be "doing"? As far as I'm aware, the lame-duck (boy was that hard not to mis-type using a different vowel in duck) president and HIS staff are the ones who are supposed to be "doing" something and so far all it seems to be is giving away more money with fewer restrictions on it.
I think you got a little defensive for no reason. No one said he was "supposed" to do anything or was required to. It's just a general trend-"solving" problems with rhetoric and inaction.
Sorry -- I didn't mean to sound defensive. I really was confused that I had missed something (as happens often it seems).
To show the depth of my ignorance on such issues and totally off-topic, a question has been bugging me for no reason. There are a lot of people already "at work" even if it's just preparing for the positions they'll be assuming. Is there a budget for the transition or are these people not being paid yet? Why do I ask? No idea -- these things just come to me and then drive me nuts. My husband says it's a short drive.
11-26-2008, 08:10 AM
