Well, we entered a new chapter of the “Soap Opera” of American politics. I could get into an exceptionally long litany about the election, the debate or even both the candidates. But I make it a rule not to discuss politics or force people to read my views. Let me just say that everyone has a view as to how this country should be run. We need to respect another person’s views as we would want ours respected. For the past four years everyone was yelling their opinions, but nobody was listening. It was, in my opinion, one of the most embarrassing times in our country’s recent history.
Enough negativism. As you have been watching, the market has been recovering from the early year drop. I still believe the DOW will finish around 30,000. Originally, I believed the china deal would have been completed by now and that would be the driver. But it was the Corona virus that has been the driver and especially the promise of a vaccine. Now we have reports that the vaccine will be out the first of the year. I think once it is released, the market will go over 30,000.
My long term out look needs to be put on hold for the moment. The senate race which is still going on in Georgia will have consequences for the market. If the Democrats win, they will control the House and the Senate. That means there are no “checks and balances” to the decisions that are going to be made. I believe that will have a negative effect over the next few years. Conversely, if the Republicans win, that will bring balance and the market will stay more stable.
Finally, Ursula and I would like to wish you all a happy Thanksgiving!!
As the desk Sargent use to say on Hill Street Blues, “Stay safe out there!”