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The Cheerful Pessimist

Elections are fun because results reveal the mood of the nation in such a resounding fashion. Pundits, of course, love to speculate on how a particular outcome will change investor sentiment, but that is mostly for sport and of little value. What matters is the final outcome. Last night’s results didn’t surprise anyone. We knew the country was deeply divided. Republicans control rural America, while Democrats control the urban centers and the highly educated. The political stalemate is also likely to get worse and many are absolutely convinced this was exactly what the market wanted. Gridlock.

Almost everything related to this market is bound up with hot-button issues: healthcare, immigration, financial reform, tariffs, drug price regulation, minimum wage, oil drilling, net neutrality, taxes, etc. A divided Congress means nothing will get done, at least for now, since the economy is firing on all cylinders. This is why the market exploded to the upside today. But there’s something smug about this and I know this is not a good thing for the country regardless of what the historical data says about the market. At some point, we’re going to have to face our problems.

But I’m also a trader and I want to make money, which is why I’m adding names to my watch list.


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