Preparing For Obama & My Rant

We're finally near the end with just three days until the elections. I'm pretty much sick of all this presidential stuff as I bet a lot of you are. Every day, every night, news on Obama and McCain, their ads taking up all the commercial times repeating the same lies one after the other. Anyways, if you couldn't tell from the title, that's a yes- I've written off McCain, and that was quite some time ago. It's just impossible to win an election when your likely to have the largest turnout in recent history, especially among young voters. And where that block of young voters stand is clearly in favor of Obama.

It is not so much the fact that young people are coming out in flocks to vote for Obama, but the fact that many of the young people voting for Obama don't have the slightest clue of what Obama will do, besides "change" in the vaguest terms. Anyways, I'm not here to further make points for/against McCain/Obama because I'm tired of preaching (I shouldn't say preaching should I?) to the choir, and if not to the choir, having it fall on deaf ears.

In this generation where Republicans are the worst thing ever, and voting liberal/Democrat is the right thing to do and will let you 'fit in,' I just hope we are all ready for what's coming in the next few years.

Socialism. As if it's a bad word, right? Obama denies it, the democrats deny it, most supporters of Obama deny it. And it's not so much an insult to call someone a socialist, because afterall, it's just the name of a set of economic theories. Just as you can call Republicans capitalist-leaning, you can call Democrats socialist-leaning.

So, to my predictions. I'm thinking we trend sideways Monday and Tuesday with a lot of volatility. With Obama winning Tuesday night, I would have said we'd see a big fall the next day, but I'm thinking we're going to get a head-fake upwards. So, Wednesday we get a bull trap and it fades possibly even by the same day, then head down for the rest of the week. It's inevitable to have the markets go down when you are bringing in a president threatening to raise capital gains taxes to anywhere from 25% to almost double what it is now. Again, I believe we will see new lows on the indices before the year is over. The target many people and I have is that 7500 DJIA, 800 SPX support.

I've started to research Elliot Waves, and it's quite intriguing. From my novice experience in charting Elliot Waves, it's likely (according to the Elliot Wave Theory, and if I'm applying it correctly) we will get two waves up now (for the 4th and 5th leg) before resuming the overall down trend.

So in the short term, we may actually get some strength, but that strength should only be used to short-term trade long, and really used to exit long positions and go short.

Anyways, other than the markets... good news I suppose for the troops, because they'll be back in 16 months. Right? We shall see. Also, all of us should be able to "feel better" about ourselves since we will now be footing even more of a bill for welfare, aka, "spreading the wealth." Yes sir, glad to be helping the poor in this country. What the majority of Americans are saying is that we all need to be concerned about equality, everything else such as the economy doesn't really matter, as long as no one is getting ahead of the other... it's all about leveling the playing field!

Now I'm going to sound like a selfish prick now, but it's truly what I feel. Now that we'll be punished (taxed more) for getting ahead, there's really no reason to get ahead. So much for being an engineer. Scientists, doctors, engineers, research, these are all the driving force behind a growing economy. And to inadvertently discourage that through taxes is just sad. Sorry if you're one of these majors, but seriously, I might as well have majored in religion or art history or any of the other 10 majors listed in that article where I could have had partied my way through college and still came out with the grade I have now, rather than slaving my days away in the labs each and every week. [Please don't get offended by that "Top 10 Worst Majors" article, it was merely used to make a point, although I'm not going to lie, some of those majors are pretty... well, let's just leave it at that.]

Lastly, I'd just like to remark that those who think trickle-down economics is ridiculous, and that it's just the Wall Street Crooks and Corporations that are getting rich, and no one below them. You're wrong. Just look at all your Finance friends that ended up with no internship last summer, or who have no idea where they are going to work now. When the company dries up, so do we. And it's not just finance majors, I have many engineer friends who are having a hard time finding jobs right now. Why? Because the companies that are supposed to trickle-down that money to us via hiring us are no longer hiring. When the companies do bad, they stop hiring. It's a simple fact. And as a graduate this year, I'm going to have to fight to find a job. Thanks guys, I guess I have no choice but to trust what you guys are voting for, really. Let's all band together and miraculously "trickle-up" that money starting from the poorest of poor receiving welfare.

United States of America : No longer a place where the government gives you a hand-up, instead, a hand-out!