Election rally yesterday, back to reality today

If there was ever a billboard that financial markets and American business would love to place in front of our elected officials it would read “Do No Harm.” Last nights election results in Mass was exactly that message as political traffic jams are preferred to free reign when it comes to making policy that impacts each one of our lives and livelihood. But, we had the Scott Brown rally yesterday. Today it’s back to economic reality and an earnings season that is mediocre so far relative to expectations as IBM and CSX are the newest co’s to trade off after earnings following other high profile names like JPM, INTC and AA. Also, the Shanghai composite traded down by 3% to a 4 week low on the belief that Chinese officials will continue to take steps to cool both asset and consumer price inflation pressures. Greek bonds are getting slammed again and the euro is at a 5 month low as investors show little faith in Greek politicians.

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