Barack Obama has just booked new accommodations for the next four years with his family, courtesy of the American public.
Speaking of new accomodations, did you see they are letting the fox guard the henhouse?
Anyways, it looks likeÂ it was a case of buy the rumor, sell the news as traders who boughtÂ pullbacks today were rudely treated.
In yesterday’s post, we suggested that it might be prudent for conservative traders to book profits. Better to be lucky than good.
The markets let President-elect Obama finish his acceptance speech, then promptly sold off all day.
In all fairness, we have come a long way in a week or so, and the markets appeared over-bought and seemed likeÂ they were ripe for profit taking.
Many are suggesting that the bottom is in for the year, expecting the normal seasonal rally. Furious rallies are the norm for bear markets, that’s all I know. The battle field is now being established, and it’s possible that we settle into a broad trading range.