Stock Exchange Goes Long On Obamas And Short On Clintons
MAKING money in the credit crunch: Going long on Obamas.
THIS morning the FTSE experience its biggest ever tenth-of-a-second fall. Fact!
In the US, at 3:24 and 12.24 seconds yesterday, the Dow Jones was lower in real terms than it had ever been at that point in trading in its history on November 5th.
It’s is a day that will linger long in the memory.
One day one from that, the Telegraph reports that the ‘Obama bounce’ has stopped bouncing.
Jessie Jackson eyes are still moist and the BBC’s fizzy wine still has fizz, and the bounce is over?
Time perhaps for another election or a recount or something to invigorate a moribund marketplace.
Yesterday’s Black Wednesday is not quite today’s Black Thursday, but the Dow was down by as much as 331 points at one point.
That’s a drop of 3.4 percent – some kind of record.
The Experts
A senior analyst at a surviving City firm takes time out from trying to explain to his bosses how he saw so little coming so late and tells Telegraph readers:
“Between now and then [Obama’s inauguration on Jan20, 2009], there is unlikely to be much, if any, positive economic news.”
No news? Is that possible?
“Attempting the difficult process of kick-starting benign credit markets and beginning to get heads around looming recession means there is unlikely to be much good news around to provide cheer for quite a while.”
Ho. Ho. Ho.
Long On Obamas
So what of the NSE, which closed up 7.2 per cent yesterday? That’s the Kenyan stock exchange. What it exchanges. Who knows? The smart money is on shares in the Obamas.
The more Obamas you have in your family, the better off you are in terms of friends and TV hacks knocking at your door.
Can we get credit?
No we can’t…
But a socialist is in power, so maybe if we stand around long enough we can get some of that redistributes wealth…
Posted: 6th, November 2008 | In: Money Comment (1) | TrackBack | Permalink
