The market votes

Byline: | Category: Economy | Posted at: Wednesday, 5 November 2008

The Dow is down 500 today.  Honestly, I’m surprised that it fell that much since I assumed that much of the decline we’ve seen in the last month was because of an expected Obama victory.  There must have been 500 points worth of stubborn people like me still out there.

What will surprise me is if the market rises significantly any time between now and December 31.  Anything that pushes up the market momentarily will probably be reversed by a desire to sell at the higher price before the end of the year in order to avoid expected increases in capitol gains taxes.

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One Response to “The market votes”

  1. sbk Says:

    “GM car sales were down 45% in October.”
    http://news.yahoo.com/s/ap/20081103/ap_on_bi_ge/auto_sales

    I think the market has been down not because a possible Obama win, but because the numbers keep coming out so very, very badly. The reality is so bad I’m not sure it is even responding to the whims of politics right now.