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"Obama Billionaire Supporters Are Causing Market Headwinds

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Gold prices were referenced in this article.  Kitco has short term readings to short and long term charts.  http://www.kitco.com/charts/livegold.html

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"Obama Billionaire Supporters Are Causing Market Headwinds

By Jason Schwarz

Source Seeking Alpha

"Market turmoil gets Barack Obama elected.  He knows this and more importantly, so do his supporters. A survey released by Prince and Associates, shows that 75% of voters worth $1 million to $10 million are favoring John McCain, but of those voters worth more than $30 million, two-thirds support Obama.  It's no secret that the majority of uber rich individuals despise the current administration and are willing to do whatever they can to get new blood into the White House; even if it comes under conditions of an economic collapse.

These Obama billionaires, led by famed market manipulator George Soros,  would love to kill two birds with one stone.  If they can get their man into the White House and buy back into the stock market at a once-in-a-generation low on November 5th they will be able to declare a double victory. 

While the billionaire's club lacks the actual resources to completely move the broad market, they definitely have the resources to start a snowball effect.  In 2005, George Soros convened with his group of 70 super-rich liberal donors in Phoenix to evaluate why their efforts to defeat President Bush had failed. They came away from that meeting with a plan to push even harder for a victory in 2008.  The recent overreaction in equity prices has been attributed to the hedge fund/mutual fund redemption crisis that caused record amounts of money to exit the market during the first half of October.  Could it be that the big money had something to do with the panic?

October 3rd was an especially vulnerable moment for the market, it was the day that the $700 billion bailout bill was passed.  As the market looked for direction on that pivotal day, the Dow rose to 10,844 but was pushed down in the last hour of trading to 10,325.  The downhill market snowball had begun even though a solution to the financial crisis had been passed.  We haven’t seen Dow 10,000 since.  But we have seen a lot of manipulation occur during the last ten minutes of trading on multiple days since October 3rd. 

The media went wild with predictions of another Black Monday mixed in with a feeling of doom and gloom like we haven’t seen since the Great Depression.  What for?  The government had just taken the systematic threat of bank failure off the table.  Conditions were vastly improved but the market still panicked and Obama slowly assured himself of a November 4th victory. 

Perhaps the most clear indication of market manipulation has been the price of gold.  If the market truly believed all of the doom and gloom that the media is preaching, that the Great Depression is upon us, gold would have quickly eclipsed its 52-week high of $1028.  Remarkably it has gone down; yesterday it closed at $742.  This price action indicates that the wild volatility we have experienced in the broad market may have been started from a small minority of wealthy players.   

So how should investors play this underlying market tussle?  You’ll want to own the ‘babies that have been thrown out with the bath water’.  There is a select group of stocks with pristine balance sheets and solid growth prospects who have been beaten down for no good reason.  I will be averaging into many of these stocks after the (unknown and usually incorrect) initial GDP report is released on October 30th in anticipation that big money will be getting back into the market post election. "

http://seekingalpha.com/article/101952-obama-billionaire-supporters-are-causing-market-headwinds

Entry #929

Comments

1.
JAP69Comment by JAP69 - October 28, 2008, 11:05 pm
So how should investors play this underlying market tussle? You’ll want to own the ‘babies that have been thrown out with the bath water’
Warren Buffett has been around for a looong time. He smells something and this market action is true he will cash in big time.
Warren has been buying into the market from the info I see on my homepage.
2.
konaneComment by konane - October 28, 2008, 11:10 pm
JAP I have never played the stock market so don't know but you may be right if you research stuff for yourself in addition to getting advice on it.

Let's hope we both win enough money to find out!!!!! :-D

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