I have come to the conclusion that the recent stock market rally is not so much a bear market rally as it is a reaction in support of the growing bipartisan disenchantment with Obama’s spending, tax, and so-called stimulus plans — or, as some contend, the lack of any clear plan. His competence is now being openly questioned, even within his own party; the market has already reached solid and unpleasant conclusions about his management skills.
In an earlier post, I had come to much the same conclusion. Here is a chart of the Dow Jones Industrial Average for the last two months (Jan 18 through March 18).
Here is a chart of President Obama's Presidential Approval Index from the Rasmussen daily tracking polls from January 21st through March 18th. The Approval Index is the difference between the percentage polled strongly approving President Obama's performance and the percentage of those disapproving.
I think, as I did earlier, that Wall Street finally concluded that the Obama administration is incompetent and decided to go it alone.
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