Friday afternoon sell off at the close may have been the bottom we have been waiting for, nice double bottom with the one formed in NAZ 100 back in May, the fact few are calling this a bottom may very well mean that it is, there was some real fear on Friday afternoon as NAZ approached 3000.
Ralph Ancompora on the Rukizer show on Friday evening looked pretty scared, never saw him like that, was babbling something about how everyone should be buying utility and food stocks, must have lost some money last week, that fear in consumate bull means we are close to a bottom if not there now, Ancompora said we should have another two weeks of selling, I will start buying on Monday.
Friday afternoon was period of maximum uncertainty regarding the election, market will realize on Monday that final vote recount excluding absentee ballots will be in on Tuesday, and Friday the final tally will be made barring any unforseen hand counts, even with hand count they may still get it done by Friday, market will go up or at least stop going down in anticipation of this election news, earnings are essentially over for now.
Market survived impeachment of sitting President and actually went up during that time, it will survive this.
My prediction is that the final vote count next Friday will show that Bush still has more votes in Florida, Gore will decide to concede the race to Bush in the best interests of the nation, Gore ends up being hero, Gore runs again in 2004, wins if he can get nomination from Hillary, alternative is that Gore drag this out and maybe become President and have tainted Presidency for four years.
In my opinion a revote is the best option but I do not think they would allow that, sets a bad precedent for future elections even though we would know clear cut winner of this one.
Gore may still win this thing fair and square with those absentee ballots. If he does not he should concede the race and let Bush, who lost popular vote by 200,000 votes, be President. |
