Its been a strange day watching Wall Street today and the outcomes and words spoken by various parties. For instance, this morning I woke up to a MSN article proclaiming that hedge fund managers were big supporters of Mitt Romney and that Wall Street was not a big supporter of the financial approach Obama's has taken this year. The Market was up over a 100 points by 9:00 am.
Mid afternoon, I checked out another article which stated: "Daily Game Plan: Schaeffer's Senior Trading Analyst Bryan Sapp suggests the markets could be pricing in an Obama victory" Schaeffer;s Market Recap
So what was it? I couldn't seem to figure out which side the stock market was on. Or if like everything else, it was two sided. By late evening time, I again looked at what MSN had to say about Obama's victory and this is what I saw:
"Projected Obama win has markets staring at fiscal cliff
Rodrigo Campos and Steven C. Johnson
12:45 AM EST November 7, 2012
NEW YORK (Reuters) - Traders and investors on Wednesday said the best way for U.S. President Barack Obama to celebrate his re-election would be to avoid a budget crisis that could send the U.S. economy reeling.
Stock futures fell about half a percent after Obama edged out Republican Mitt Romney while bond futures rose. While the result ended uncertainty about regulation and monetary policy, some remained on edge about taxes and overall economic health." MSN
So here we were again, full circle to a 'victory celebration' with a poor view on what the president will do for the financial health of the country. I'm curious as to what the news report would have said had Mitt Romney been elected!
It was a confusing day and my colleague Bryan couldn't figure it out either. Perhaps the three digit jump was the only concrete answer we would get. In the end, after all the talk, I guess I was just happy to see my stock in DECK go up! LOL!
