Wall Street Moves Toward Obama
We have all heard how furious the Wall Street big wigs are supposed to be at Obama. He is going to regulate us to death, kill the Market, etc. But it’s a good bet when dealing with Wall Street to avoid the rhetoric and follow the money. Forget Wall Streeters’ personal feelings about Obama and the Democrats. It’s clear that they don’t think that the world will end with an Obama reelection. Not only is the Market doing very well right now with Obama leading in the polls, it appears that traders are already betting with their electronic greenbacks on the reelection of the president.
Jeffrey Kleintop, chief market strategist at LPL Financial, has developed an index that tracks how well industries are doing that would benefit from either a Republican or Democratic win in November. The index is clearly showing a move toward the Democrats. You can find the latest report at http://lplgraphics.com/~rss/LPL_RSS_Feeds_Publications/WSEP/Election_Polls_09132012.pdf
An article by Mark Gongloff, “Wall Street May Hate Obama, But It’s Betting On His Victory,” summarizes what Klientop has been up to.