The clock had nearly struck midnight on November 8th, Election Day. The election took an unexpected turn, and the odds had shifted greatly into Donald Trump’s favor. There was widespread panic among those who had placed their bets based on conventional wisdom. Futures in the Dow Jones Industrial Average were down over 800 points, and many feared more turmoil was to come.
Famous liberal Paul Krugman took to his blog around 1am to make a prediction. “Markets are plunging.” He wrote. “If the question is when markets will recover, a first-pass answer is never,” he continued.
Well, if by “never” he really meant “within the next eight hours,” his answer was correct. By the time the markets opened later that day at 9:30 EST, they had recovered nearly all of their gains, and closed in the green. By the end of the week, the Dow had set an all time high.
As Jim Hoft at The Gateway Pundit points out, the numbers since Trump has won the election are simply amazing:
Out of 23 days since the election, the Dow has reached all time closing highs 15 of these days!
On another five of these days the Dow landed at its second highest close ever up to that date!
For more than 65% of the closings since the election, the Dow has reached new highs. For more than 87% of the closing bells the Dow has either reached a new high or its second highest closing to date. For only three days since the election, the Dow has not reached one of these two milestones. The DOW has increased more than 6% during this time.
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From an updated analysis of this data, there are only 10 times in the history of the Dow where the Dow set new closing highs for 15 days or more in a 22 day period.
All the experts were wrong – Krugman isn’t the only one. British bank Barclays predicted the S&P 500 would lose 11 to 13 percent if Trump won, but would rise two to three percent if Hillary won. Citibank predicted a five percent drop-off under a Trump victory. J.P. Morgan predicted a three percent rise following a Hillary victory, compared to markets “falling further” if Trump won. They were right for a few hours…. I guess.
Meanwhile, I could only find one person who predicted a rally – and he’s a bit of a shark. Take note of the title given by the liberal who uploaded the video onto YouTube – I bet he’s not laughing now!
Well, thank God for my IRA’s sake they were all dead wrong.
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