The bums have been thrown out!
Democrats were decimated in the Senate, losing their majority, primarily as angry voters, who still face dire economic situations 6 years after electing Obama chose to CHANGE the last vestiges of his support:
The economy was voters’ most pressing concern as they cast their ballots in the midterm election, with seven of 10 rating conditions poor, preliminary exit polls showed.
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More than five years after the recession ended, ordinary Americans still feel pinched. Wages and incomes haven’t recovered even as corporate profits hit records, stocks have almost tripled and the nation’s output of goods and services grew more than $1 trillion from its pre-recession peak.
Amazingly, after getting a clear referendum on how awful the economy still is for the average American, the markets are up over half a point in the Futures, with the Dow (/YM) testing 17,400, S&P (/ES) 2,020, Nasdaq (/NQ) 4,175 and Russell (/TF) 1,175.
Those will be our lines of capitulation if they break to the upside but, by the day's end, I expect cooler heads to prevail and they'll be our shorting lines too.
When there are no fundamental reasons to move up (and no, electing a different bunch of morons doesn't qualify as a fundamental) we look to our technicals and our 5% Rule™ to tell us what to expect. Last time we whipped out the Rule, we used it to chart the move off the bottom in October – now let's see what…
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