A truly historic night in America. I don't need to recount the events, but I'd like to talk about what it means for investors and the market. The big positive here is the inspiration this victory is appearing to give many Americans. Confidence in the economy and our country has been waning, and its an essential element if we are to thrive.
It doesn't do anything to change the economic situation we are in however. There are many challenges ahead. I'm truly hoping the next administration realizes the problems with carrying massive deficits and encouraging Americans to do the same. It has happened before, and, like this time, it always ends badly. Obama's appointments to cabinet posts and other positions, specifically Secretary of the Treasury, and the next Fed Chairman, will carry monumental importance.
I see the market stabilizing and potentially rallying in the short term. The market hates uncertainty. Now that the big question mark is out the window, things can settle down a bit. But that can't change a tough economic environment. It will take some time before profits and the market can make substaintial moves.
Its the beginning of a new chapter. Its up to us how it plays out. So lets be optimistic and realize great success!