Now if we can only get the folks on Wall Street to report to you, we should be all set.
I would view this kind of profit taking and drop in value as a sign that Wall Street and the market think they are “bigger” and outside the reach of the Presidency which is unfortunate.
If this happened in a company, i.e. Wall Street driving down the price of a stock after a new CEO is named; everyone would be flabbergasted and concerned. This would be a sign that the Street doesn’t like the new boss.
What were you guys collectively thinking? You couldn’t allow the feel good buzz to last a day?
I think that, yes, the market free fall in part was a reaction to some company news, not in any relation to President Elect Obama winning the presidency. However, you have to keep in mind that Obama is planning on raising taxes on capital gains. Everyone wanted to get out, and not worry about paying the higher taxes. Now is a good time to sell off your bad stocks, and buy stocks poised to thrive. You’ll save some money by not paying Obama’s higher capital gains taxes, and get some great stocks at great prices.
The street was hearing whispers that GM and Ford NEED an additional $25 billion, Cisco is tanking, unemployment hit a 14 year high and the banks still aren’t lending — and it’s a referendum on Obama:-)!?