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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (14863)	11/12/2000 10:31:27 AM
From: t2	Respond to of 65232

On election night, the minute that the networks announced that Gore was "projected to win in Florida", the NDX futures absolutely went into the tank. When it was retracted, they went back up. Early Wednesday morning, when it was announced Bush was the winner, they soared. Around 7am when it was again stated to be "too close to call", they tanked again. I think Voltaire and JWCB will back me up on that. Make no mistake about it...Gore=bad for tech stocks (and drugs, biotech, healthcare, defense and tobacco). Bush=good for same. I agree that Bush will be better for techs a little bit but much better for the broad market--which in turn might be better for techs. Given the current situation , I think any resolution will be good for techs given that Gore will not be able to push through any big spending plans. Regarding Futures Traders: They did not have a clue that night; totally meaningless just like the are on other days. The market was setting up for a relief rally prior to that anyways. I think the market would have opened lower the day after but rallied late in the day. Gore represented continuation of current policies which were good for the market anyways and combine that with a bit of "gridlock", the market would have been OK. I will concede that Bush would have been a little better for the markets in the very short term (1 to 2 weeks post election). After that the market would have gone on to business as usual. I still see a Gore or Bush victory declaration leading to a HUGE rally in the Nasdaq. A Bush victory also means big gains in the Dow as well. I think the technicians would prefer the broad rally. Just want this thing over with. I would be happy with a Bush win but I can't stand this waiting. I do prefer the Gore win to having to wait a long time.