The market was up 155 on Friday; it’s a little over 9500 on the Dow now. Jim Cramer points to improving fundamentals, but also to the deteriorating Obama administration:

you see so many sectors rebound. When you couple that with the Obama disapproval ratings — forward indicator of the S&P 500 — you can see the groups that jump: utilities (no cap-and-trade), see Exelon, oils (no prohibitive taxes and maybe nat gas finally being used), see Occidental, Devon, Apache and Anadarko, health care (no real reform occurring because of historic left-wing overreach in a center-right country), see Merck, Pfizer, Bristol-Myers Squibb, and of course, anything banking that is mortgage-related.

Cramer’s observation seems clearly true to us, but we somehow almost never hear it mentioned on CNBC. BTW, Obama’s White House also chose Friday afternoon in late August to bury their admission that the deficit is going to be about $2 trillion more than they were recently admitting.

This entry was posted on Sunday, August 23rd, 2009 at 11:40 am and is filed under Democrats, General, MSM, Republicans, business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.