Market comments for Oct. 27th

The market mover this morning was the Durable Goods orders-ex Transportation, as it came in at -0.8% against an expected +0.5%. The MBA Mortgage Applications was a better number coming in at +3.2% versus last reading of -10.2%, so this at least number was in the right direction.

With that the market opened down and the Dow now stands down -66 points to 11108, and the S&P is at 1179. Time will tell whether the market has a negative day or if it rallies again in the last 1/2 hour, as it usually does.

There is one other hedge which may be going on this morning. Yesterday, political commentator and poll survey expert, Charlie Cook, lowered his expectation for a Republican sweep in this election next week, which could have something to do with this move down. If Republicans don't sweep and only win a slight majority in the House, the Democrats will call it a victory and it may help them with Obama's agenda. That terrifies Wall Street as they do not want any more reforms restricting their options in this Casino called the stock market. Vegas Casino's didn't like regulations either but the government stepped in and regulated how much they can take from us in a rigged game now with rules. The same should be true for Wall St. They will take some of our money but hopefully not all of it.