The American people have spoken. Barack Obama is our 44th President. From the election polls that I ran to my readers, you favored McCain, but not by an overwhelming majority.  I’m sure we’ll spend the better part of the next 4 years debating the merit of the election results along party lines. But I’ll defer to the ultimate barometer - the stock market - to decide whether our new President has the desired effect.

How high do we think the Dow can run? I’m sure we’d all like to see recent losses reversed. But that fact is, our banking system has changed in ways we don’t yet understand, we’re in the early stages of a global recession that could send American unemployment through the roof, and given recent earnings estimate adjustments, the S&P 500 trades at a not-so-cheap-anymore 17X earnings.