Probabilities for Market Going Forward
by Sy Harding, Financial Sense:
The Dow plunged 433 points, or 3.3%, in the two days after the election. The timing makes it ‘obvious’ to many pundits that it’s due to President Obama being re-elected.
But he was already president prior to the election, and the stock market has been in a strong bull market that started March 10, 2009, less than two months after he was inaugurated. And after a 10% March to June correction this year, the market continued to rally strongly off the June low even as the polls showed him as likely to win re-election.
So it’s doubtful the election is the catalyst for the correction.
Besides which, the correction is not something new this week. It’s been underway since mid-September, almost two months ago. In fact, the correction was already enough to break the trend-line support of the rally off the June low a month ago.
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2012-11-13 21:16:35
Source: http://sgtreport.com/2012/11/probabilities-for-market-going-forward/
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