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Though stock markets soared yesterday (the Dow went up 3%), stock futures have fallen, dampening any thought of a post-election rally. Sure, investors are wondering about President-elect Obama's economic policies when he takes office, but there's also today: ADP, which handles payroll services, announced that there were 157,000 job cuts last month, "the most in almost six years," according to Bloomberg News. A strategist at Newedge Group told CNBC, "This is another, if I may use my term, 'fally', which is a rally based on fallacy … the rally of a new presidential election. Nothing is changed. The US economy is deteriorating day by day. There's no reason to rally right now." There goes our post-election buzz.
Post-Election Stock Futures Down
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years of isiah thomas stories in chant form
http://www.nydailynews.com/sports/college/2009/11/14/20
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"Investors are wondering about President-elect Obama's economic policies"
Just wondering? I think O has made his plans for business pretty clear, and it ain't pretty.
'fally'
50 bucks says this douchebag trademarked that dumbass word some time in the last two weeks, like Riley did with 'three-peat.'
Wall Street has plenty of bad news to worry about and for them, anything they think Obama might do is the least of it. They had a bear rally but it can't hold. The key is employment. Unemployment in Detroit is already at 8.9% if that figure becomes a national one, get ready for round two of the financial crisis.
I am selling "Don't Blame Me I Voted for McCain" buttons and bumper stickers (thanks to McCain for choosing Optima a a font). Hopefully, I'll make a mint which I'll then use to buy gold.
Unemployment in Detroit is already at 8.9% if that figure becomes a national one, get ready for round two of the financial crisis.
Maybe if people in the blue states didn't buy so many BMWs, Mercedes, and Volvos things would be a little better for Detroit. Nothing irritates like people that whine about the trade deficit while adding to it.
Maybe if people in the blue states didn't buy so many BMWs, Mercedes, and Volvos things would be a little better for Detroit. Nothing irritates like people that whine about the trade deficit while adding to it.
Maybe if American automakers at least tried to achieve the same quality that imports have had for the last 20 years....
BMW has a plant in SC, and Mercedes has a plant in Alabama.
Volvo has no US plants, to my knowledge.
Volvo is owned by Ford, which is right now trading down at $2.15 a share.
And obviously Detroit's problems go far deeper than just the auto industry. But it is a pity that at a time when the big three are building the best, most reliable cars they ever have, people are not buying them. If only they had listened to the Democrats telling them to improve fuel economy...
US futures are down....and the liberals rally
Love the reporting on this. Phrases like 'Wall Street holds off on celebrating" "coming back to reality" "looking at the hard times ahead".
If this were a rally it'd be "Obama Election Spurs Rally!!!"
So why can't we call a spade a spade? The market is SCARED SHITLESS of what an Obama presidency will mean for business (big and small).
^ Then why did they rise 300+ points on Tuesday ahead of what every poll said would be an Obama victory? They bought into a change scenario and sold out from a Cisco 'dire warning' and profit-taking scenario. Don't read politics into Wall Street. These guys price this stuff in early and are focused right now on the '09 second quarter earnings projections.