As Sen. Barack Obama (D-IL) holds the lead among polls on election night, the market experts discussed what an Obama Administration would mean for taxpayers, Wall Street and more.
Trading Obama
“Obama is trading at 92 percent now which means our traders are giving him a 92 percent probability of victory. And of all of our short-term indicators here, his market is getting stronger. But if he’s trading at 92 that still means that John McCain has a 8 percent probability, and that’s still a shot.”
John Delaney, InTrade CEO
Obama the Tax Cutter?
“I think for the most part he’s [Sen. Barack Obama, D-IL] talking about tax cuts, tax relief so he can stimulate the economy so he can kind of fast-forward that redistributionist urge that he has into the stimulus package… And then when we get into the tax reform debate, literally if it’s like 1985, 86 or 1995, it’s something that will spook the heck out of Wall Street and it will force every major constituency that has any kind of tax relief preference written into the code to come to Washington. So, I think he’ll push it back.”
Chuck Gabriel, Capital Alpha Partners
Betting on Renewable Energy
“This is his wing-T formation... And renewable energy stocks have been hot over the last 48 hours for sure and even pushing into last week. They’re partially responsible for the run.”
Jon Najarian, OptionMonster.com
He recommends Archer Daniels, The Mosaic Co. and Agrium.
Calling for Regulation
'At that table were the three names that Steve just mentioned. Bulkler, Jamie Diamond, Larry Summers; Bob Rubin was there. We’re not talking Karl Marx here. These people are certainly knowledgeable about Wall Street. These are not radical folks that are going to come in and throw a wrench in the works. They’re going to implement the regulations that we absolutely need."
Jared Bernstein, Economic Policy Institute
More election analysis:
- Is Obama Swiping the Tax Cut Issue?
- Obama's Strength Along Racial Lines Key to Lead
- McCain or Obama? Stocks That Work for Each