The market was climbing prior to the election not because it was expecting a McCain victory but rather because McCain was closing the gap and that the GOP would escape with 44 or 45 senators.
Since the election, the market has been tanking IN PART due to the Obama margin and, worse, the GOP will only have 41 or 42 senators.
The old adage ‘Buy on the Rumor, Sell on the news’ applied perfectly in the run-up to the election.
Whenever I saw a post saying to take heart McCain/Palin will win (for whatever reason) the market shot up. But when the News came in for Obama, it tanked.
The markets are fickle predictors of the future, noting lessons of the past. I think the CarterII years are ahead.
I hate Keynesian spending.