I Just Can’t Get Excited
In theory I should be excited about the prospects of the election today, but I just can’t get worked up. I’m not sure this is even the most important vote this week in terms of the markets. Chinese and Greek voting ranks right up there. I’m not even sure this jobs being voted on today are the most important for the U.S. markets. If we were voting for Fed Chairman it would be a lot more interesting.
Yes, the next 4 years will be affected by the voting today, and the counting of those votes, which scarily might drag into tomorrow, or beyond, but I don’t see any meaningful impact in the near term.
So for today, I will defer to others to write about all the excitement of the election and its meaning. I won’t bother boring you about other stories that you just won’t focus on today, so I will remain bearish, and grow the bearish trade as it looks like we get the “Romney might win” rally in the morning, to the “Romney won’t win” fade in the afternoon, to the reality that it doesn’t make that much of a difference short term, to the market, who wins.
Good luck, and will send thoughts out that change, but am not constructive on risk, and don’t see many likely scenarios from today that would change that.