The market plunged fast at the opening bell and hasn’t gotten up. Word is it’s been asked to star in the next LifeCall commercial after doing this impression of what falling off the fiscal cliff will look like:

dowjones

Just wait until all the “evil rich” people who were waiting to see what happened in the election before deciding what to do start moving their money elsewhere to avoid the coming onslaught of even more rules, regs and taxes.

Update: The market closed down over 312 points, under 13,000 for the first time since early August. It was the biggest one day sell-off in over a year.

Comments

21 Responses to “The Stock Market’s Initial Reaction to Obama’s Re-Election”

  1. Marshall_Will on November 7th, 2012 5:48 pm

    Uh… for non-day trader types, that there is what you call a CRATER chart formation!

    Stayed up until 3…ish and kept checking the futures as they continued to deteriorate. Just got off the phone w/ fellow trader down in SoCal and our "street smart" consensus was 9,000 by the inauguration.

    *Not Investment Advice

  2. SignPainterGuy on November 7th, 2012 7:23 pm

    I never pretending to know much about investing (and this may prove it), but it looks to me about the safest place for your money is in your fire-proof gun safe.

  3. SignPainterGuy on November 7th, 2012 7:25 pm

    DOUG, What is UP with your server ?! It`s driving me nuts. (Short drive after last night)

  4. Marshall_Will on November 7th, 2012 7:46 pm

    Putt for me…

    Inclusive of the innovation killing Medical Device Tax, O'Scare becoming implemented, Sandy and we believe ever-escalating energy and food prices; the Christmas Quarter is going to suck! Retailers will get hard.

    Setting up, The Cliff for 2013. Look, we were bound for a major correction if WITH Mitt, now all bets are off. It will be a slow, long-term PAINFUL sell-off. Ironically, Bammie's tax schemes will drive investors for the Tax Free status of municipal bonds!

    Driving down borrowing costs for State's re-re-RE-financed distorted bond offerings, making the next leg of Cloward-Piven seem all the more attainable to these clowns…

  5. Granny55 on November 7th, 2012 8:54 pm

    Wow – just got this from a friend. A clip of Paul Harvey from 1965. Listen and weep.
    http://stg.do/9LDc

  6. SignPainterGuy on November 7th, 2012 9:48 pm

    Thank you for sharing that, Granny. Bookmarked it.

    It`s good to be among Paul Harvey fans ! He was often prophetic !

  7. backwoodsconsr on November 7th, 2012 10:03 pm

    It looks like investors are as pessimistic about their future earnings potential as I am about mine. And to think, I woke up yesterday morning thinking it was Christmas. :(

  8. Marshall_Will on November 7th, 2012 10:23 pm

    Backwoods,

    I predict an "orderly retreat" for the stock market. Now that GE's Immelt and supah cool Warren Buffet ( Doug's crazy uncle ) no longer need to fear any regulatory scrutiny, they can afford to take their money off the table in dribs and drabs. Preferring not to spook the little guys.

    Let the REAL Plunder begin! But rather than re-tool ObamaCare from scratch ( I know, we should be saying Thank You! ) they'll try to implement it piecemeal and start Waiver Mania II. Are you really willing to gamble on whether the company who's stock you hold will GET one..?

  9. Granny55 on November 7th, 2012 10:26 pm

    Well I woke up this morning and felt like sh!t. The takers now outnumber the makers – we are so screwed.

    How about this scene? We start stockpiling everything we need. Food, water, shelter. Then give the libs everything they want and sit back and watch what happens. I would like to hear what our response should be to all the takers when everything collapses around them….any takers?

  10. backwoodsconsr on November 7th, 2012 10:33 pm

    I'm not in the stock market, nor do I expect to be any time soon. I was hoping to see improvement in the job market so I would have a chance to find a better paying job. The job I've had for the last three years is steady and not likely to disappear, but it only pays enough to get by. I'm reluctant to take a blind leap for anything else, as I wouldn't want to find out too late that I had accepted a job that my aging body couldn't handle.

  11. Marshall_Will on November 7th, 2012 10:46 pm

    Um… I'm THERE!

    Mrs. Will and I have plotted exactly that for years now and have narrowed it down to 2 areas, S. OR and N. CA. Both wanting to form the State of Jefferson. Long before the Rise of tEh oNe, we shuddered at how much property taxes, basic freaking utilities and property taxes were going up.

    It's NEVER 'enough'. Our town Silverton, OR had (3) water & sewer rate hikes just this year!? Our HOA ( another form of gov. ) wants to grow too. Every year higher fees, lesser service.

    So we were planning on bailing/dropping out anyway. We also have a modest beach house in the Philippines and some Ag. land. So being part of the system in retirement was never on our chart. LOTS of people have been contemplating it. In fact I think there's real potential to set up a "lifestyle" website telling others just how to do it!

  12. archer on November 8th, 2012 1:20 am

    Recommend don’t leap, blind or otherwise. If you have a livable income that looks like it will last for a while keep it. If you have too, pare down to stay within your means. Cash only, no cards except ATM, no financing, if at all possible save even if it’s only five or ten dollars a week, dig in for the next four years and beyond.

    Encourage your family with the same.

  13. Marshall_Will on November 8th, 2012 1:56 am

    After a lifetime peddling bonds, mutual funds etc., it became clear to me the happiest clients were the ones invested in assets and efforts THEY controlled! Not some here today gone tomorrow dot.com like Facebook is about to become.

    Classic cars, tapestries, art, coins! Whatever interests YOU most. While I doubt our currency will ever become totally worthless in our lifetimes ( it's bound to be worth a lot LESS in nothing flat! )

    But a quality.., chainsaw, motorcycle or quad, rifle will always retain it's utility value. From what I've read from survivors of Kosovo, gold may glitter, but actually had little trading value. LIQUOR commanded premium prices.

  14. Truesoldier__ on November 8th, 2012 1:49 pm

    We had mixed results here in WA ST. Candidate wise on the state executive level we lost everything but the SoS office (which is big). So our new Governor will be Jay Inslee, a guy who up until last year had been serving in Congress for the past 20 years and voted for every Obama tax and spend plan there was. We also lost the AG race which will be huge in the near future and lost one of the best property rights and personal freedom judges on the State Supreme Court (now we have an ultra lib defense attorney instead). This will also come into play big in the next year.

  15. Truesoldier__ on November 8th, 2012 1:50 pm

    On the Initiative side, we did get our 2/3rds majority to raise taxes initiative passed by around 65% of the voters (this was to reaffirm that we wanted the 2/3rds majority to stay in place). We also voted overwhelmingly to tell the legislature to repeal a couple more taxes (B&O tax and a petroleum storage tax).

  16. Truesoldier__ on November 8th, 2012 1:54 pm

    Now for the what I alluded to earlier. The libs in the Legislature have decided that they plan to sue the people of the state over the 2/3rds majority initiative. They are claiming the people are usurping too much of their power rendering it impossible for them to do their job and meet the constitutional requirements of balancing the budget do to not having the ability to easily raise taxes.

    With the new AG being a liberal tax and spender and the new Supreme Court justice being ultra liberal they have a good chance at winning the case and overturning the will of the people. After that the dems in the Legislature and the Governor will pass every tax imaginable, to include an income tax, even though the voters in this state have repeatedly said no to new taxes. The sad thing is, the people of this state continue to send these same tax and spenders back to the Legislature and the Governors mansion.

  17. Truesoldier__ on November 8th, 2012 2:04 pm

    This is why my wife and I have decided we are leaving the PNW. We are in the process of looking at new jobs and so far I have had some interest coming from both SC and Texas. If either of these locations offer the job, we are taking it and going.

  18. SignPainterGuy on November 8th, 2012 2:09 pm

    I certainly wish you luck.

  19. SignPainterGuy on November 8th, 2012 2:19 pm

    Tin foil hat time;

    The O`Stration pushed to get as many uber-libs into Sec. of State / AG offices as possible – to effect the elections (?)

    AxelGrease "guaranteed" Oblamer`s re-election – how did he know ?

    Most every indicator pointed to an overwhelming Romney win, but Zero pulled it off. Was there cheating on a massive scale ? Will it be investigated / audited ? If it turns out to be true, will it be prosecuted ?

  20. Truesoldier__ on November 8th, 2012 3:21 pm

    What is interesting about the exit polling data was the answers regarding Sandy. With a 2-1 majority, more voters not only gave Obama a favorable rating of the handling of Sandy (I wonder if they would think the same thing now with how bad things are really on the ground in the hardest hit areas) and said that it had a direct impact on their voting decision. I also saw that a huge majority of single women broke for Obama, so it looks like they voted with their "lady parts" instead of their brains.

    As for investigations…..yeah right.. With Eric (with)Holder at the helm of Justice the only thing that will be investigated and prosecutted is the anti-Obama protests going on right now. Just ask the obscure filmaker what happens if you do something that may make his majesty look bad (he was sentenced to a year in prison btw).

  21. SignPainterGuy on November 8th, 2012 7:25 pm

    Interesting, yes, and flabbergasting ! While two of the most majorest issues were the economy and jobs, so many dems were swayed by little stuff / single issues, so in that sense, the mere fact that Zero DID get out to NJ and meet with Christie and declared a St. of Emergency was enough to gain their approval. He did his job and nothing more. Bush declared a SoE for the entire Gulf Coast 4 days before Katrina hit N.O. and he still got hammered for not doing his job.

    As for (with)Holder, little will happen IMO; at least not as long as Weepy Bonehead is Sp. of the House !

    The filmmaker was arrested and sentenced for breaking terms of his parole WE ARE TOLD, so we can rest easy that no attack on the 1st Amendment occurred there ……… Well, I ain`t holdin` my breath or takin` that to the bank !

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