The Market (DJIA) closes up 302.74

Wall Street Journal ^ | 11/4/2008 | None

[SonOfDarkSkies]

The DJIA closes up 302.74 (3.35%)

S&P 500 up 39.6 4.04%)

NASDAQ up 53.79 (3.12%)

[SonOfDarkSkies]

Correction to add parenthesis...

S&P 500 up 39.6 (4.04%)

[Genoa]

What’s the rationale? I wanna know the scuttlebutt.

[sageb1]

They know they can stop manipulating it now.

[Yo-Yo]

Dow: Up 305.45 3.28%
S&P: Up 39.45 4.08%
Nasdaq: Up 53.79 3.12%

[SonOfDarkSkies]

Correction due to itchy trigger finger...here are the final #'s per WSJ...

DJIA* up 305.45 (3.28%)

Nasdaq* up 53.79 (3.12%)

S&P 500* up 39.45 (4.08%)

[waus]

The market is set to surge tomorrow. I’ve studied technical analysis for ten years and I earn my living trading options.

I highly doubt that electing a communist to run this country would cause a huge move in the stock market on Wednesday.

Therefore, my conclusion is that McCain/Palin will win.

P.S. I made the same prediction in 2004 about Bush based on the DOW chart on election day. It was a decent response the next day, not fantastic.

Tomorrow it will be fantastic.

Also, please just file this in your memory bank and don’t give me any grief, I’m not in the mood.

[Murp]

I haven’t looked at any numbers but since OPEC cut supplies, and since Oil spiked 7 or 8 bucks a barrel, I would suspect the gains were in the oil stocks. Coupled with the prospect of the Messiah winning and banning drilling, we can look for $3.50 gas again very soon.

[Tanniker Smith]

I’m thinking that they know something.

[SonOfDarkSkies]

I think you are right, though we'll have to wait until tomorrow to know for sure.

I do disagree with one of your points however. I think if we elect the communist, the market might make a huge movement tomorrow...downward! ;-)

Like you, I made my living in the markets (as an investment banker) and tend to listen to the markets more than the polls. That said, they can be wrong.

I actually thought the markets would drop a bit today as they sought a safe haven to wait out the election (particularly considering the general nervousness due to recent economic, financial, and market troubles). So I am gratified to see this positive response.

BTW, here is the two day chart on Peabody Coal. It also looks better than I expected...

[xcamel]

The market is an excellent forward predictor - same thing happened for bush in ‘04

[waus]

BTU could really break out tomorrow.

The key level is 38.21, the 10-21 high. Notice that it tested the close of that day today, 36.69. And, it closed higher than it opened, those could be good signs.

If it breaks above that and closes over it tomorrow, then, it should be an easy trip to the Sept lows around 45.

[bert]

Gas down .06 today to $2.09/ gal regular

[pacpam]

Buy on the rumor, sell on the news.

[neocon1984]

“What’s the rationale? I wanna know the scuttlebutt”.

The election was factored in 30 days ago. The market is up because of increasing awareness that the economy is not as bad as the Dems/MSM have been saying.

If Obama is elected, we will find out just how strong the underlying fundamentals are, and he will get credit.

If McCain is elected, look out for 4 years of incredible turmoil, but a slightly more pro-business environment.

As a stockholder, I dread either man as POTUS. I just dread McCain less as a freedom loving American.