Jeff  Carter

The market is looking pretty nice. The Dow finished up today after a massive relief rally yesterday. S+P looks good too. ($SPY, $ES_F)
 

A lot of commentators in the media will pin the rally on Obama. But frankly, the break wasn’t about Obama and neither is the rally. It’s all Europe. Obama’s policies have hurt the market more than helped, and this months rally isn’t indicative of them.

Over the weekend, you will hear a lot of crowing on the liberal mainstream networks. Paul Krugman will start dancing a jig.

SPDR S&P 500 Stock Chart

SPDR S&P 500 Stock Chart by YCharts

President’s and governments don’t create jobs. They create a climate for entrepreneurs and companies to create jobs. The measure of Obama is the marginal rate of change of the unemployment report over his term.


US Unemployment Rate Chart

US Unemployment Rate Chart by YCharts

Obama has performed abysmally because his policies haven’t created an environment where business wants to become more productive by hiring more employees.

People are frustrated. Obama’s actions today via executive order are meaningless. He authorized an agency to create a website….whoa. That’s out of the box hope and change pragmatic thinking?

They told me if I voted for McCain there would be Hoovervilles. I am beginning to think the Occupy Wall Street campsites resemble Hoovervilles. Maybe Obamavilles?

Links:

Incentives matter. After WW2, southerners moved north because that’s where the money was. Now it’s south of the Mason-Dixon line


Jeff Carter

Jeffrey Carter is an independent speculator. He has been trading since 1988. His blog site, Points and Figures was named by Minyanville as one of The 20 Most Influential Blogs in Financial Media.
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