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It is now clear to me that Obama is saying all he can and as often as possible to keep the stock markets from declining further. Virtually all the advances last week and this week have come on the heals of one of his announcements. Although a strong advance on Monday was due to the bail out of Citi bank. I think there's a reason he's making daily announcements and that reason is to prevent further declines in the stock markets which would lead to further declines in consumer confidence. As we all know, the stock markets are so fickle, that they hyper-sensitive to daily news. If Obama were doing a weekly summary, the markets would probably only react that day. Pretty damn smart actually!
There was a LOT of bad news out today that realistically would have driven the markets down significantly, but if you look, they're up slightly. This is probably due to Obama's announcement that Paul Volker would be lead his economic crisis advisory team. That's not really important enough to drive market up, but that's how irrational investors are. Today's dismal reports on housing and unemployment should have over-shadowed this new, but they haven't.
Of course none of this can be sustained for long. But I do feel if he announces enough about what he will do IMMEDIATELY upon entering office, the markets "may" respond positively long enough for him to initiate some of his economic stimulus plans.
If that does happen, look for a big market decline shortly after he enters office. All this talk can revive confidence for a short period, but if unemployment continues to build as forecasted, stock advances can not rationally be sustained.
My feeling is that if "holiday sales" are dismal, the market will dive as soon as that announcement is made. I have stated in another thread that I truly believe the gov't is holding back information that would reveal just how horrific the condition of our economy is truly in to avoid panic. If that is true, it's probably illegal, but I understand why they would do it.
Last edited by PatriotsReign; 11-26-2008 at 12:07 PM..
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