MARKET COMMENT
November 8, 2006
Our website was finally restored after a 24 hour crash due
to a malfunction (as in “crash”) of the hard drive at our hosting service. Were
we worried? Um, sort
of.
The republicans had more to worry about last night and their
worries will continue for two years providing the media with lots of drama and
ad revenue.
Mr. Market? He
doesn’t worry. If the sides change he’ll
make some adjustments and move on.
The Dem’s have
some sectors that they historically like to beat like a piñata including
energy, healthcare and defense. So, WS
pundits are recommending some rotation from those to more favored financial and
tech sectors.
Dem’s purportedly favor tech and
financial sectors. I don’t know why the
former any more than with the GOP but that’s the buzz. In the meantime, it’s said that the GOP
wanted to put restraints on the lending and mortgage practices of FNM and FRE
while the Dem’s are more willing to leave things as
they are—out of control.
If the GOP had done well “some” were saying it would be good
for the dollar which I find odd. The
dollar did nothing much today.
Let’s take things around the horn a little bit.
The big story bearish investors may be missing is the
growing economies overseas that continue to lift all boats it seems.
So the reaction of Mr. Market to all the hype over the
mid-term elections is “no worries” and “get out of my way”! The bulls are still in charge armed with
tremendous liquidity that needs to be invested anywhere and everywhere. We’re just going along for the ride not
trying too hard to make sense of it since that job belongs to others.
Cyber Gods willing, we’ll chat again tomorrow.
Have a pleasant evening.
Disclaimer: The ETF
Digest maintains positions in: SPY, IWM,
MDY, QQQQ, GLD, IEF, DVY, IGN, IBB, IEV, EEM, EWW, EWZ, EWC, EWP, EWM EWA, FXI
and IFN.