October 28th, 2008 Edition

Good Morning All,

The late day disappearance of bids in Toronto may not have quite qualified as my projected capitulation but it may have to do because sometimes, as Robert Redford said in the movies, "life doesn't always work out the way you think it will". New York on the other hand was crescendoless as the relatively tiny fallback at day's end was unconvincing. All that being written, it is interesting to note that a "V" shaped market performance over the last pair of days in Asia may have provided us with the fuel required for a sustained rally in Europe and North America. Futures are much higher in New York at this time and promise a memorable opening. To this end I repeat our Art Cashin quote of last week, "when this market turns, the upside will be jaw dropping". No promises yet, but conditional hope that we may have arrived at the pre election rally date.

Barack Obama has reserved 30 minutes of air time tomorrow night and I expect a different type of speech than the standard fare with which we have all become fidgety. His campaign has been a masterfully executed exhibition of political acumen since its outset in Springfield Illinois a century ago, or so it would seem. The no panic serenity shown during the times of crisis with either Hillary, McCain or even during the Palin surge speaks well of both his character and his management skills given the fact that his original team remains in place and on target. So tomorrow night and through the weekend I believe we should look for the "vision thing" as opposed to a trash the opposition one, wherein Barack attempts to raise the bar on expectation, a message not just of change but of hope and the no nonsense actions of what it will take to achieve a better way.

On the other side it appears that the McCain Palin ticket is imploding as the infighting has brought the none too secret personal ambitions of Sarah barracuda to the fore. This is what McSurge gets for putting the campaign first, belieing his slogan to put the "country first". We are now about to see what happens to someone whose reach exceeds their grasp as the real Sarah emerges. I may appear to be out of line in some circles but the candidacy of this ego centric, vindictive witch has posed, and until election day will continue to pose a clear and present danger to both America and the world.

This busy week will end an incredible month. Tomorrow we are likely to top it off with a 50 basis point cut by the Federal Reserve and another rock and roll day. Perspective during times such as these isn't everything, to paraphrase Vince Lombardi, its the only thing.