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Dow Down Again – Where is Obama?

John on November 20, 2008 at 2:56 pm

Here’s what the NY Times had to say about the market on election day:

Wall Street built on recent gains Tuesday as reduced volatility and easing in the credit markets helped give stocks their strongest Election Day rally in 24 years.

[...]

Historically, Wall Street has enjoyed a bounce in the fourth quarter after a presidential election as investors breathe a sigh of relief that the long election cycle, with its accompanying uncertainty, has ended. Some analysts said investors seemed to be trying to get a jump on the expected rally by buying on Election Day.

“We don’t know if it’s the end of the bear market yet, but it looks as though the bear has taken a nap,” said Sam Stovall, chief investment strategist at Standard & Poor’s equity research. “So investors are thinking, let’s enjoy a bit of a relief, both from the market’s lows and from the endless pre-election rhetoric.”

Here’s what they said today:

Wall Street doubled down on its losses on Thursday, just a day after financial markets closed at their lowest point in nearly six years.

In a day dominated by fear and uncertainty, financial markets plunged in late trading, carving new lows, in a melee of selling that cut across every sector of the market.

[...]

“We think it’s going to continue to go lower,” said Ryan Detrick of Schaeffer’s Investment Research. “We don’t think people are scared enough. They’re just not showing enough fear. People are numb to this, they’re almost immune to it.”

Am I the only person thinking that “O-bah-mah, O-bah-mah, Yes we can!, Change we can believe in” crap is sounding pretty hollow about now? Where is he anyway? Is he being calm and Presidential in a corner?

On the plus side, the Dow was only down 5.5% while the NY Times was down nearly 10% to a new low of just under $6 a share. Based on my brief look at their stock price yesterday, they lost about $100 million in market cap in 24 hours. At this rate, I’ll be able to purchase the Times by next Friday or possibly the Monday after. By then they should be willing to trade their entire global news gathering operation for my used Hyundai Sonata. I may ask for some cash on the deal so I don’t get taken…

When times are bad it helps to have something to look forward to.

Addendum: Are We Lumberjacks spots Obama:

Well, I guess he has been busy then.

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