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For many years in OZ we feared Uncle Sam's cold could give us pneumonia, but these days whatever pills we are popping, seem to be keeping us immortal. Uncle Sam, we are not scared any more. Well not on the inside anyway.
What trader does not wake up in the morning and have a look at what the DOW did overnight. It is part of our radio and TV news. So maybe we do care a little – but only so far as it might still have some slight impact on the local outlook.
But Uncle Sam has had a pumping of late. Although I must say Noel and Aaron's articles in this week's TT, on the DOW and the Dollar have some logic to them. But there are now many world experts on the DOW, which has been sliding down a slippery channel for most of the year and the dollar sliding down a different but equally slippery channel for the last couple of years.
It will need to be a clear-cut outcome for a clear-cut outcome to ensue. A hung result, or a result that ends in a courtroom, will certainly see a hung DOW.
Investors have been buying the DOW in the couple of days – does someone know something we don't? Don't tell me it is because oil has plunged overnight.
I guess we just have to expect the unexpected and we will not be surprised.
American voters, let's hope November 2 is good for you guys and the rest of the world.
Enjoy the ride!
Tom Scollon
Editor
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