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Post Election Stock Market

Now that Barack Obama has been sworn into office as the 44th President, it’s time for him to get down to business and start doing the job that he’s been running for for the last two years. Who know if he’s really going to turn this economy around, but time will tell.
On the day he took office, the stock market had it’s worse inaugural day of trading in history. The DOW fell 332 points. It started off bad right after Nancy Pelosi made statements about putting certain taxes in place. It did come back a little bit, but never was able to break even at any point of the day.
Obama was sworn in at 12:00pm eastern standard time and then proceeded to make a speech that didn’t give any confidence to the markets. Unfortunately I don’t think his first week in office will do any good for the markets. I expect the market to drop quite a bit more before it has a turn for the better. The DOW closed below 8000 points on this historic day (in more way than one).
Be cautious with any trades this week until we see some strength in the markets.
We will have to wait and see what happens to the rest of the TARP money. It looks like there will be a lot of bickering in Washington before the money will be put to use. So like I said, be careful with your trades. If things go south over the next week, we’ll be able to pick up some beaten stocks at some great prices.
Happy Trading.

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