Let It Ride

The Markets

• The market is down about 11% for the year but up huge from it’s lows.  As witnessed yesterday traders are skittish and are quick to take profits.  Today’s strong opening can be quickly sold so it may behoove one to tighten stops here.
• Otherwise I will let long positions ride here and move stops up accordingly.
• From the Shark, here are the performance numbers under Bush and Obama:

• PRESIDENTIAL UPDATE

  

  A little morning amusement – an update to how the markets are performing under the new President:

• • SPX +1.1% since inauguration and -19% since election day;
  • NDX +8.8% since inauguration and -10% since election day;

• RUT -1.6% since inauguration and -22% since election day;

DRG -6.5% since inauguration and -12% since election day;

• George W. Bush from beginning to end (January 20, 2009):
  SPX -40%;
  NDX -57%;
  DJIA -24.9%;
  DRG -35%
  RUT -11%;
  Not sure many folks saw dubya as the President who would see the small caps outperform the drug stocks under his reign.