It appears that we are working at cross purposes, and nowhere is that clearer than the fervent wish of many financial professionals for a Congress that does even less over the next two years than it did during the last two years.

Tonight I will write about the election. It will hopefully be one of only two essays on this topic. The second will follow voting day, and then we can put a knife in the subject.

Market Trends
This morning's slight rise on the Dow is only intended to “retake” the 32 points that the Dow lost on Friday.

And indeed, the highest the Dow moved this morning is 12,024.14, 39 points above its open.

Expect the market to stay put at Friday's open today, or slightly lower. I anticipate a real drop tomorrow.

Trading Tactics
The financial media wants you to believe that the Dow just experienced six straight days of weakness - and that today, you could see the markets break that horrible losing streak.

Although it is true that the Dow has logged six losing days in a row leading into today's action, three of those six “losing” days were less than 10 points, with daily losses of -3.0, -6.0, and -9.0 points.

In other words, reading a headline that says “Dow Suffers Sixth Straight Loss” sounds terrible, but the reality is that the real downside has yet to come.

Material Profits
Saddam receives a death sentence for his guilty verdict of war crimes.

Oil is at $59 per barrel and natural gas is at $7.55... Both down a bit today, as is gold. But gold's dip today comes after a striking rise in price of 7.7% since October 24.

I'll speak to both industries tonight.

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