Deb Borchardt, TheStreet.com, on the market after the election
Nov 7, 2012|
Deb Borchardt, TheStreet.com, on the market after the election
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Welcome back at 933 and raise your selves every one because yes I'm seeing a lot of red on the board those numbers. They're moving very quickly so stay with me Dow is down. A 154. Points at the open. We've got gold up 850 is 1727. NASDAQ is down 38 S&P down seventeen points let's the only light at the end of the tunnel here trading down 108. Senior US treasury down as well to one point six. Arena like Graham is this is quite are quite a response from loss I think that's what this this -- totally yeah I I I do you we're we're joined by Deb -- shirt from thestreet.com she's gonna help us decipher what's going on this morning good morning -- welcome to the show. So is this stock market sell off inspired by the election results from last night. I'll -- -- parent come out of let's consider Romney telling there was. Contingent of traders that truly truly believe that Mitt Romney had this thing in the bag that they have a lot of trades on. Thinking that way that it happened -- unwinding those trade. We also have a big focus now of course not Europe. Mario dry heat did not help -- any this morning because he can Allison Barrie. Don't gloom and doom comments about. Europe fashion meaning surprised really but our focus has really been off the European -- Really for the last month or Kalin and now we're back on the bad at CNET today didn't vote in the out. Greek parliamentary body or whether or not to -- strict austerity measures -- others. Striking again in the streets right the if they're they're wreaking Havoc over there at the unions. You bad -- -- it's a tough situation for them and everybody gets that. You know -- but. There you have it so it is a combination. I -- that ECB president Mario Draghi greed. And then you know the Romney trade on the line -- -- mean like to hold talks going down this morning as a result of kind of that Romney trade happening. Would you -- -- overall. You know people will make some trades and you might have correction I don't know could be 510%. But you know you people are gonna staying cash very long because -- eat you know can be -- in any return. But sitting in cash so how does one adjust their portfolio in anticipation you've got -- senate controlled by did Democrats. White House controlled by the Democrats. But the Republicans have a lock on congress so how do you play that from -- in a portfolio and asset allocation perspective. Well you weren't I mean you know you're right in and added we've seen. Nothing's been happening in Washington because we had this stalemate personnel long. And that's probably going to his companions but what we've seen in the economy as we started this week. Yunel glimmers of light on the -- side you're. Definitely going to -- issues is that it was superstars of the Indy. You're going to be locked in spending. With regards to that rebuilding effort. All the money people haven't spent -- right now all during that storm on generators have been and is I think you know really you're right you kind of have to maybe think about. Looking a waste from well. Treasuries. And and looking more towards getting you know back in dysentery debates about I mean. At the end of the day. -- the first four years of Obama that stock market. -- 160. Fighting 65%. Performance. Put -- here's what he ended up being one of the top. Then five bad President Clinton did in nineteen under put a market that even though on the Wall Street traders denial like camp if you had very good for the market. Let me ask it -- Wall Street got behind Romney in a big way all of his money is the big money that he was getting was coming from Goldman Sachs JPMorgan Chase Morgan Stanley. And talk about Mitt Romney the candidate. Often times the president -- the the winner. Might punish those companies do you see that the president is vindictive enough where he's gonna say you know what you guys tried to screw me in this election. I'm gonna put the screws to you now that I've won and -- back in office do you see him go on after the big banks for a this supporting Mitt Romney. Well you know I really don't because they actually were on his side. -- years ago that that would help. IPad back then yeah exactly they were all webcam. And I don't -- that they were. Really enamored with Romney and being that date we're very concerned about it. What they perceive as socialism does indeed it would health care program. But then you know I got to that -- people inside at that point and the journalist and I have to pay a lot of Pete spoke. It complained about that make a large amount of money and they kind of don't. Understand what it's like for a regular person that lived on. You know 30000 dollars a year 40000 dollars a year. -- 62 years old and you lose your job in in a year and a thousand dollars a year for our insurance. They have no concept about Barrett there only you know they don't understand people atomic less content but it thousand dollars a year that it -- They can't relate to that world an end though that they keep things from a different. -- ever important -- and I think that that's why they were they were very much against. Some of these things that you know they've never have to worry about you know going to the doctor pain in the bill they'd they'd never have to worry about the you know day to day issues in and a lot of people by keeping them that a lot of people of America do worry about the dignity issues. You know Richard you all right well -- thank you very much for your time I do appreciate it. As Deb -- sharp joining us from thestreet.com. We heard earlier from Steve Forbes who declared that we will go into yet another recession. In 2013. -- evidence that he might be right -- US employers posted fewer job openings in September after advertising more in August than first estimated. The report suggests hiring is likely to remain modest in the coming months the Labor Department said Tuesday that job openings dropped. By 100000. To 3.5 six million. The fewest in five months August opening. Were revised up. To three point 66. Million. So they're just evidence that we could be going into a slowdown giving a lot of text questions asking me. How to like just by portfolio. -- light of an Obama victory that's next on the financial exchange will address your tax questions next 68680.