More importantly, though, investors should react positively to a red victory in a blue state because it would signal a more business-friendly attitude in Washington. In fact, Cramer said a Coakley loss could spark a “gigantic rally” as everything from the banks to the oils face a less hostile government.How's that "gigantic rally" coming along?
DJIA closed last Friday at 10,609.65.
On Tuesday - election day in MA - it closed at 10,725.43. This was BEFORE the polls closed in MA.
Yesterday? - broad market down (see below).
Today? Again, down everywhere!
DJIA: down 2.01% from Wed close
Nasdaq: down 1.12% from Wed close
S&P 500: down 1.89% from Wed close
In fact, since Brown won the MA Senate race:
- Dow: down 3.13%
- Nasdaq: down 2.36%
- S&P 500: down 2.93%
Recall, my pseudo bet with Cramer was in terms of Fri, 22 Jan closing price versus Fri, 15 Jan closing price. If DJIA closes at or above 10,926 on Fri, 22 Jan, I'll grudgingly concede a Brown-victory market rally.
Since last Fri, 15 Jan:
- Dow: down 2.07%
- Nasdaq: down 0.97%
- S&P 500: down 1.72%
For Cramer to beat me, the Dow needs to shoot up 5.16% tomorrow.
I'm feeling pretty safe... well, with one little misgiving: today's SCOTUS decision could move the market in Mr. Cramer's direction... but 5.16%?
[note: any market movement after tomorrow I think Jim'll have a hard time explaining as a direct result of Brown's victory!]