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Tejay

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In reply to: crowman28 on Wednesday 08/11/06 08:39pm

QUOTE
Very surprised about the drop in futures. This isn't bad news right? They all expected the Democrats to win anyway.

 

CM, Below in bold may provide the answer you are looking for.

 

QUOTE


LONDON (MarketWatch) -- U.S. stock market futures dropped on Wednesday after results from midterm elections left the possibility that the Democrats may take control of both the House of Representatives and the Senate.

S&P 500 futures dropped 5.2 points at 1,383.80 and Nasdaq 100 futures dropped 7.75 points at 1,744.00. Dow industrial futures dropped 29 points.

On Tuesday, U.S. stocks rose for the second straight day. The Dow industrials rose 51 points, the Nasdaq Composite rose 9.9 points and the S&P 500 rose 3.1 points.

Markets weren't as bullish on Wednesday. Though markets had largely expected the Democrats to take control of the House, the Democrats weren't widely expected to take over the Senate. The Democrats could take control if they win in Montana and Virginia, two races that still haven't been declared.

"The Democrats are known to be less business friendly than the Republicans and there will be less decision making coming out of the U.S. government for the next two years. It's that simple," said Geoff Langham, head of trading for CMC Markets in London.

International stock markets also were down.

The Nikkei 225 finished 1.1% lower in Tokyo, and the FTSE 100, heavy weighted toward the pharmaceutical sector, lost 0.5% in London.

The dollar was mildly weaker against the euro and the yen.

 

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In reply to: nizar on Wednesday 08/11/06 07:26pm

I think the DOW may still bounce around a bit until these last two states are called. Virginia looks very likely to go democrat, but with the recount in Montana, that's really anyones guess. It should be a few days before the final/final results of the recount are known. This actually fits in perfectly with the expected phi mate turn date of Monday the 13th. (+/- a day or two) We might be in for a bit of a wild ride until then. Still just scalping for now.

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In reply to: crowman28 on Thursday 09/11/06 07:02am

Last night the DOW was still looking a bit scary to me, so I went long on gold and oil instead. Still holding, and the two trades have cancelled each other out. Finally went short on DOW this a.m. It may still be a day or two early, but I'm happy to take a punt at these levels

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