That's my opinion.
The smart money factored in the bailout and the Fed liquidity injections some time ago. They have been convinced the Fed and Treasury will not let the banking system fail and will use all of their tools to prevent that.
The issue now is Obama. The prevailing wisdom is that he will be in power with a Democrat-controlled Congress, absent some unlikely development.
--much higher government spending
--no significant new drilling or nuclear plants in the US, only expensive, currently very inefficient "alternative" energy.
--government-controlled health care industry
--much higher taxes on the productive, job-creating portion of the economy and welfare payments extending into more of the middle class
--absolutely no prospect for grappling with the coming massive social security shortfall
--suffocating any hope of vouchers or alternative schools, meaning a more leftist-indoctrinated and stupider American workforce
--citizenship for the illegals and a long-term Democrat majority
If McCain's prospects improve, look for a small rebound.
S&P just put GM on Creditwatch Negative.