Well Daley's right, just as Carnegie was right when asked what will the market do tomorrow, and he said, "It will fluctuate." On a weekly chart, this week's moves in the Naz look tame compared to April or the grinding downdraft from August. The market has been chewing them up and spitting them out for a long time now. It didn't start this week. The retest of 2850 was expected and election outcome uncertainty was probably the catalyst it needed. This is still one ugly, ugly market and one up day does not a trend make.
Yeah, the herd doesn't think before it acts so without knowing much about potential outcomes or realizing that we will have a new President eventually, they sold. This is an incredible moment in history we are witnessing, unprecedented but not uncertain. Ultimately the judges who have been elected to interpret the laws of this land to the best of their ability will steer a course through which this will be solved, and we will get a President.
Polls are saying that a majority of Americans favor the recount, that it's more important to get it right than get it over with. The question becomes how long is too long.
Why is Baker saying this is affecting the world markets when the dollar has held it's own throughout this whole time? If foreigners were worried they'd be selling off their dollars, but they aren't. Be wary of the spin. It's a big game of PR right now.
I am starting to take a lot of the subjective out of my trading as it seems to get in the way for me. I don't need to know "why," just price, volume and a little ADX to confirm. Simpler is working much better for me these days. All the subplots get tedious and put emotion in where it doesn't need to be.
Julie
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