Is the stock market voting for a continuation of the Obama-Hillary presidential brawl? Larry Kudlow has dubbed this the Clinton Price Index, meaning that Hillary's electoral fortunes are affecting the price of stock indexes under the theory that the longer the race goes on, the better the chance for a McCain victory and a continuation of low capital-gains-tax rates. It's a theory. The fine blog Redlegs Rant has followed up on this:
April 22: Obama gets crushed in PA
April 23: Stocks rise
May 6: Obama wins big in NC
May 7: Stocks plunge
May 13: Obama gets crushed in WV
May 14: Stocks rise
DISCLAIMER: Correlation is not causation. But it looks as if investors (100 million-plus strong in this great country) might have a dog in this fight, no?