<<Yesterday was BUSH day. Today appears to be a toss-up has to open undecided until responses for amended returns are received by Florida’s Secretary of State. If all responses are disallowed it will be a BUSH DAY until Democrats flood the courts with motions to over rule; and if recounts are allowed it will be a GORE(Y) day>>
I think the market has now realized after visiting the proverbial low on Monday that in any case the lows have to stay. Bush or Gore the market knows that we go higher. Yesterday was not Bush day it was VODAPHONE day. The blockbuster earnings showed the way, day before was uncertainty at its height the market got confused with ever-failing HWP and DELL slowdown and election problems.
Now in 48 hours market has made up its mind it has to be SCMR and ADI although (NTAP is lagging) day. Today we may probably see a revisit to CSCO forgotten earnings and may be FOMC inaction day may also be helpful, it would most probably rally with or without 'my guy or your guy'. gg
For us, we keep making trade out of this whole thing, for us it is important to know the sentiment to trade, mine are directional trades based on sentiment and conventional wisdom, the day we lose the 'touch with reality' I am history. So would be this thread activity as one of the gang of ten passes away. We do spend a lot of time on analysis, but for me this is the most important issue to analyse for its far reaching repurcusisons on the market its stability and its ultimate direction. We have spent a lot of time on various issues but the two side of the argument or divide is continuing opening new horizons after all nothing in this world is ultimate and we all learn everday.
I have learnt one thing 'love Bush' but don't get carried away. If the count is given to Gore so be it, no much love lost. Gore is after all the ‘Veep’ of Mr. Clinton the President under which we saw this great 1995-2000 'rally of fortunes'. Although ironically that finds its very root in the Reagen-Bush Sr. era of the 'supply side economy' that even Mr. Bush erroneously termed at one point the 'voodoo' economy. Behind this era of wealth creation lies the basic doctrine that Republican’s very strongly believe and that has change the fortune of many of us on this side of the aisle. That is the philosophy we support of smaller government, of values, of responsibilities with rights, and lower taxation.
These all sum up together why market is little ‘Bush’ biased if you think so. The market-based ideas ( pre-dominantly) do not let ‘wealth accumulation’ become a focal point of hatred and disagreement. Wealth accumulation leads to innovation and unfortunately instills in the wealthy an uneasy urge of philanthropy, the kind of which we have seen revived in Gates. That urge we economist call as trickle down impact, it is misrepresentation as it is the 'seed of wealth creation' that removes permanent distortions.
No wealthy has ever taken his wealth to grave and that is the whole point that when ideas are let free, no wealth is created that may be concentrated in few hands in the beginning but eventually all wealth is distributed. The invisible hand of greed makes sure that either we invest it in markets or in projects that itself eradicate poverty. That is the supply side economy. That I think is at the fore of the presidential election. That is what the issue should be religion or race has lost significance in terms of human relationships. The new humanity loves all fellow beings as equal. The politics should be based on doctrine and definition of way of governance. The relation of God with human is tied with the rope of religion that is not denied but that should not become a sore point in the philosophy of ‘how we should run our business of governance’. |
