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BUY THE DIP BECOMES BUY THE RIP….

Investors who have been waiting for a pull-back have been forced to chase the index in recent weeks as the market has been unable to stay in the red for any longer than a few minutes. This evening’s early polling data shows the GOP making big gains in the House and possibly taking the Senate. Wall Street loves the news as it means a return to the good old days of no regulation, low taxes and essentially all the things that helped cause this situation in the first place. Curiously, this has been just about the most widely anticipated event in months if not years so it’s odd to see this rush into risk assets as the news comes out….This was widely expected to be a “sell the news” event, but the early performance on election night shows a strong appetite to chase the performance up here. S&P 500 futures have ripped almost 7 points higher since the close of trading earlier today.

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