So we hit the magic 1000 number on the S&P today and ended 5 points above it. Tomorrow we either gap up huge into some resistance which would be a gift to short or we gap down huge on the possibility of a 2004 replay of the election.
Personally as I said, it doesn't matter to me who wins because the present problems can't be cured in a week and the news today of Google and Dell implementing hiring freezes and cutting work hours is testament of how weak this economy is.
It is going to take a lot of work to turn around this titanic ship economy and I am afraid that we are just at the beginning stages of the decline, so saying that I must reiterate my views of this being a bear market rally and not to be suckered into believe it is more than that. I spoke weeks ago of not being short because we are due for a rally and this is the rally I was speaking of! Now there is a strong feeling we sell the news on an Obama victory and head lower and that we rally hard if McCain wins. I believe either way we will move alittle higher but it will be very short lived, who knows maybe we get a huge gap up tomorrow and that might be all the market wrote.
One thing I know personally, I am glad the elections are over so I dont have to hear crap about taxes and personal sound bites by politicians who feed on the weak minded of us, but that's the world we live in.
I see alot of stuff setting up here so GET READY!!!!!
MARKETJEDI
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