Stock Market and political outlook for today for the 3rd debate

Stock Market Outlook today: Today the markets should pull back. How much is anyones guess. But there isn't any good news out there in reality. Expect about a 300 point drop today on the Dow and for it to go below the 9,000 level, but with Options Expiring this week for October on Friday, it could get very erratic, both to the upside and downside. It will feel like you are in a boat and riding the waves. I am expecting the moves in the market, over the next week or so, to make a double bottom and that means another test of the 8000 level. I have a sell order in for my TWM Short on the market at $140 if it should get there while I am away most of the day. I don't believe it will trade at that level but it is good to get an order in for the day, in the event that it does.

Those with exceptional skills can make money trading frequently on the swings but they must be watching the market continuously. I can't today, and that's a good thing. I need a break from these swings too.

Politics: We still will have 2 days left this week for Options to expire on Friday, and tonight the last debate will be held. From all expectations it sounds as though Senator McCain is going to focus on Obama's "character issues". I can hear the politics of the past going full force tonight from McCain, but I am hoping Obama will make short work of them and point out most Americans want them to talk about the economy and what they are going to do to get it back on track. It is the politic of deregulation that got us into this mess and that has been McCain's mantra most of his political career.

Americans don't need divisiveness now, they need someone who can heal this country and who can also gain respect from other world powers. As the son of William F. Buckley said yesterday, Barack, he believes, is that man. Buckley, a Republican and owner/writer of the National Review, tendered his resignation yesterday, as many Republicans were offended he switched to Obama, and they wanted him out of the National Review, as they felt they were betrayed. His father always allowed others to express their views openly as long as they were logical and had an explanation. He is probably turning in his grave over how the Republican Party lost its way and in the process destroyed the financial system in this country. He was one of the best type of Republicans, tolerant of others views, smart and articulate and wouldn't stoop to inflame crowds with racial slurs or innuendoes. He was like many of my fine Republican friends, who now lament over what has happened to their Party.

There was a scene in the Godfather, where Clamenza said, and I paraphrase, "every few years there has to be a cleaning of the bad blood between the Families and it was time now to do that." Same is true for the Republican Party.