Don't see why market should go "straight up," as it seemed already to have been rallying on expectation of a Bush win/closure, the FL SC decision didn't come until the close, and, until the US SC rules, the game will only seem to be over. How many times already have we all been whipsawed by this story? Still, the whole thing reminds me of the Super Bowl: Looks like Tennessee just got tackled a few yards shy of the end zone. I find it hard to believe that the "conservative" Supreme Court would be intervening in this matter, in favor of the suppression of votes, and against its own pretentions of non-partisanship, but this whole thing has been unbelievable.
Regardless of precise timing, it does look like there's a good chance for a fairly sustained "make-up" rally. Whether it puts an end to the bear market in techs will depend, in my opinion, not only on whether the Fed cuts interest rates and no new negatives arise, but on whether interest rate cuts, among other factors, really do lead, over the course of months at least, to an earnings/growth rate recovery. |
