The Obama Discount Continues

What happened to the Obama Rally? Another day, another decline in stocks.

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I felt that the reason stocks rallied so strongly on Election Day was a growing confidence among the Smart Money Crowed that McCain might pull it out. Certainly that was the message coming from campaign insiders. It was not to be. Indeed, some market watchers made the case that the reason stocks moved higher was due to an ancitipation of an Obama win. Well, stocks fell 500 yesterday and are down another 100 today. Hmmm. Maybe the Investor Class isn't counting on Obama postponing those tax hikes.