Markets
Sunday with My Betters: Get together with my family, their friends, and their friends, all of whom used to have tons of the green stuff. First topic of conversation was chagrin expressed by most because they missed the last 90 seconds of the Texas Tech game. Apparently close to 90% of the men had the Texas Tech super game on TIVO and because the game was so long they missed the last 1:30 of the game. All of them. So more than a few men adjourned to the the TV room in the house for a short time to switch the house TIVO that had been allowed to run the entire game. Lots of painful talk about the stock market and the losses suffered by most of them. All are curtailing vacation trips from islands in exotic climes to places like D.C., New York, and Vail. Most seemed sadly resigned to an Obama win on Tuesday and were preparing to "shift focus" to tax havens. I think that part of the market decline since May can be traced to investor concern regarding Obama/Pelosi but you ain't seen nothin' if a "super majority" of Democrats control congress. Several very sharp people pointed out that there are trillions of dollars on the sidelines awaiting the results of the election, and while most people in attendance were liberals, none of them were as Left as Obama. Dubai and the UAE were the most talked about places to seriously consider. Jews felt they had to use a covert name in order not to be wiped out by the anti-semitic elements in those countries. Click on chart to see it BIG.

The chart is called a "point and figure" chart. Most floor traders use short term point and figure because trends are easier to see. This type of chart still presents the clearest "picture" of a market. (Via Stock Charts.com)