ST Alpha - "mel, i really doubt that the market action today had much to do with anything obama said...." (Reading a Post)

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mel, i really doubt that the market action today had much to do with anything obama said....

Posted by x (aka dmuck) Jan 20 '09, 13:43

there was def. a move down during the speech so maybe there was some kneejerk reaction to what you're mentioning. but markets also bounced sharply up after that, so any effect there is minimal. i kid about it being a disaster on obama's first day, but that's just messing around.

mostly today i think it was the horrifying state of the banks and other stuff rolling in from the consumer side that makes people really sketchy about where we are. the financials really led the charge down today, what with citi and bank of america and wells fargo going down hard. there might be some selling on uncertainty being that there's now a new guy in charge, but there's likely not a lot of that pressure really.

and besides, once he announces that national bank to buy up all the bad assets on the taxpayer dime, we should get a cool snapback rally!

Responses:

I was thinking there would be a 'feel good' flood of investment that moments of optimism usually brings, especially since a lot of people have pulled - zeitgeist Jan 20, 13:48 2
- I think it was hyde that brought up the 'sell on fact' thing ... it kind of explains today -- nm - Beryllium Jan 20, 13:50 1
  - it explains a little of it. really, today was pretty much mostly about "oh crap, the banking system really might be largely insolvent"... - x Jan 20, 13:55
I heard that most of the planned new 850 billion recovery plan whatever doesn't kick in until 2010. Can't rem what news channel. -- nm - Loyola Jan 20, 13:46 1
- That was regarding the money to be spent on infrastructure, but didn't include tax-cuts, incentives -- nm - The Calico Cat Coalition Jan 20, 13:50
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mel, i really doubt that the market action today had much to do with anything obama said....

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