UPDATE: Do Markets Like Obama?

On Friday, for the first time since being elected, Barack Obama held a press conference. Although the Dow closed higher, immediately after the speech it started to pull back.

What Didn’t the Market Like?

Most Wall Street watchers agree; Obama said "we only have one president at a time," and until next Jan. 20, the current administration is in charge. According to Maria Bartiromo traders on the floor felt Obama was basically saying I’m not the president yet. When I am, I have plans in place. Until then, you’re on your own.

That quote really struck me too, adds Karen Finerman on Fast Money. In essence he was saying there’s one president and right now its Bush.

I liked hearing other things, especially that the President-elect is working on ways in which to solve the problems, adds Jon Najarian. And the team he’s assembled to advise him is impressive and I think it impresses the Street.

Of course the thing that the Street wants to know most, is who will be appointed the next Treasury Secretary. Jon Narajarian thinks its Clinton Treasury head Larry Summers but Guy Adami is betting on New York Fed Chief Tim Geithner.

Strategy Session: Retail

In addition the market received some sobering news this morning on the jobs front.

Another 240,000 jobs were cut last month as the jobless rate zoomed to 6.5 percent, that’s a 14-year high. What does that mean for the retail trade?

"Normally I love to trade retail because it’s easy to understand," explains Finerman. "But because job losses will probably grow, the way to play the space is to avoid it."

Strategy Session: Infrastructure

Barack Obama has also promised increased spending on infrastructure. And as a result stocks in the sector have jumped. However, Finerman doesn’t see a momentum play here.

“I’m concerned that it will take too long to implement a big infrastructure plan so in the near-term I would be fading any big rally in the materials sector.”

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Trader disclosure: On Nov.7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Seymour Owns (AAPL), (BAC), (F), (MER); Pete Najarian Owns (MSFT) And Is Short (MSFT) Calls; Pete Najarian Owns (CHK) Call Spread; Pete Najarian Owns (MBI) Put Spread; Pete Najarian Owns (YHOO) And Is Short (YHOO) Calls; Macke Owns (BNI), (DIS), (UUP), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (NUE), (MSFT); Finerman's Firm Owns (DNA) Call Spreads; Finerman's Firm Owns (MSFT); Finerman's Firm Is Short (USO), (IYR), (IJR), (MDY), (IWM), (USO), (SPY), (RTH); Finerman's Firm Is Short (VNO)

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