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Here's the lead from a CNN money story this morning (not an editorial): U.S. stocks were poised to open higher Wednesday, as Wall Street cheered a number of Republican election wins ahead of the Federal Reserve's latest policy meeting decision.
And later in the story: But positive market momentum appeared as investors were encouraged by several Republicans victories, including the governor races in both New Jersey and Virginia. More broadly, the wins reflect a sharp rebuke by Americans of current policies in Washington, including massive spending programs that have helped grow the federal deficit. "The election results suggest that perhaps the referendum of the Democratic Party, more specifically President Obama, is being challenged in the marketplace," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
So the stock market, which has been going mostly up for 8 months (apparently cheering uh...something), is set to go up some more this morning. And this is proof that investors are happy about the races for Governor in NJ and Virginia. Nevermind that a lot of investors, like Warren Buffet, George Soros, etc. are Democrats, apparently it is just a given that: 1. Investors are Republicans 2. Happy political results for Republicans = market goes up Of course the market has been going up and down for the last month. I guess that's because, on some days, Republicans are feeling happy and confident and on other days they are feeling sad. Obviously this is just as ridiculous as the "markets hate Obama" meme from last February which mysteriously faded away when the markets began moving upward. Amazingly this story is not posted as an editorial but asa front page story on CNN Money. Anyway, even if you accept the premise, what does that say about the markets? "We like it when Democrats lose because then the gap between the rich and poor widens and we can buy another chateau."
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