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Crisis of Confidence: Do the Markets Have No Faith in Obama?
Posted Feb 25, 2009 05:08pm EST by Aaron Task in Investing, Newsmakers, RecessionConsider the following:
- The Dow has fallen about 11% since Election Day.
- The Dow's fall on Obama's Inauguration Day was the worst Inauguration Day decline in history.
- The Dow fell 384 points on Feb. 10, the day Treasury Secretary Geithner unveiled his financial stability plan.
- The Dow fell 298 points on Feb. 17, the day Obama signed the Stimulus Bill.
- The Dow fell to an 11-year low on Monday, following weekend reports about the government's potential new plan to bail out Citigroup.
- The Dow fell nearly 200 points intraday Wednesday following Obama's generally well received speech Tuesday evening. (The index did recover some lost ground, even briefly trading positive in the afternoon, before closing down 80 points as Treasury announced yet more bailout options for banks.)
Investor and blogger Paul Kedrosky refutes the apparent cause and effect at The Daily Beast and in the accompanying video. Attributing the market's moves to any single factor is futile, says Kedrosky, a strategist at Ten Asset Management. The very notion of the market being anti-Obama is mainly the playground of mischievous partisans, he adds.
Kedrosky is actually expecting another "savage rally" in the short-term, but is far from bullish about the market's long-term prospects, no matter what Obama does or doesn't do.
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