I think the decline parrallels the beginning of the political season at about the time of the iowa primary. Please note i am not taking a position here just reporting what i think are generally agreed to facts. 1. Democrat candidates have been bashing bush 2. Deficits, tax cuts and outsourcing have been themes. 3. Wall Street is largely pro bush in this coming election. 4. Kerry is feared for reversal of tax cuts particularly marginal rates at the over 200k end and an end to dividend tax relief. Markets have that factored in imo. 5. Kerry recently was leading in the polls thus upsetting the conventional wisdom and wall st. assumptions. 6. Market has sold off reflecting the above and it was a time for a correction anyway. 7. Add to this oil/gas price shock 8. For markets what will be good imho is bush regaining lead or realization that republicans will continue to control congress thus gridlock even if kerry wins; lower oil prices; good april earnings; better march employment numbers. If all this happens or most or variations of the above then things will get better. 9. Question--semi equips look to me like they are basing here and i will be buying in the next days. Anyone have different opinion before i do something stupid.
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