Rumsfeld Resigns & Market Observations 11/08/06
In our top story tonight, the leader of al-Qaida in Iraq, Abu Musab al-Zarqawi, is STILL dead and someone else has taken his place.
Meanwhile, US Defense Secretary Donald Rumsfeld has resigned.
Sept Consumer Credit -1.2B
Inside the number: Led by the largest drop in non revolving credit -4.05B since Oct 1991 as consumers took out fewer loans for large ticket items. Overall, the largest drop since April 1992.
The Mid Term Elections
As expected, the Democrats took control of the House for the first time since 1994. And when the Virginia results are final, the Democrats will have taken control of the Senate as well.
With the sweeping change, the minimum wage may get raised and alternative energy may see favorable legislation. Defense, Pharma, Oil, Healthcare and Insurance sectors may see unfavorable legislation.
Market Observations
Yesterday, the DJIA made a new all time intraday high of 12196.32, the NASDAQ, OEX and leading foreign markets made a 6 year high.
Over 6 days, the SP500 fell from 1389 and bottomed at 1360. This weeks two day rally pushed the SP500 past 1377 to 1388, but now resting at 1380.
At this point the market either continues to rally on the election news or fails and initially falls to test 1345, with 1330 & 1290 waiting below.
Meanwhile, US Defense Secretary Donald Rumsfeld has resigned.
Sept Consumer Credit -1.2B
Inside the number: Led by the largest drop in non revolving credit -4.05B since Oct 1991 as consumers took out fewer loans for large ticket items. Overall, the largest drop since April 1992.
The Mid Term Elections
As expected, the Democrats took control of the House for the first time since 1994. And when the Virginia results are final, the Democrats will have taken control of the Senate as well.
With the sweeping change, the minimum wage may get raised and alternative energy may see favorable legislation. Defense, Pharma, Oil, Healthcare and Insurance sectors may see unfavorable legislation.
Market Observations
Yesterday, the DJIA made a new all time intraday high of 12196.32, the NASDAQ, OEX and leading foreign markets made a 6 year high.
Over 6 days, the SP500 fell from 1389 and bottomed at 1360. This weeks two day rally pushed the SP500 past 1377 to 1388, but now resting at 1380.
At this point the market either continues to rally on the election news or fails and initially falls to test 1345, with 1330 & 1290 waiting below.
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