November 2, 2010 | In: Opinion
Elections and the Stock Market
Ever since I began trading, I started paying attention to everything, even the current senate election, that should happen tomorrow. The reason why is that a few people believe that these elections can positively affect the performance of the stock market, in case the republicans win the upper hand in the senate.
The stock market was nearly flat by the end of the day, anticipating, BAC dropped considerably (to the 30s) before closing 5 cents higher, BP closed 3 cents lower, and C closed 2 cents lower (also after dropping considerably during the day). The day was extremely volatile, with FAZ moving up to $12.90, before closing at $12.59, which is miraculously the same price of yesterday.
I expect tomorrow to be highly volatile well during the day, and I expect all the stocks to close at nearly their opening level, nobody wants to take a risk before the elections.
I hope it’ll be a fun trading day.