This is a really interesting paragraph from Dan Greenhause, the top strategist at brokerage firm BTIG.It’s from his Bedtime With BTIG note sent last night…
Unsurprisingly, this was another bland day both in terms of volumes and price action (don’t tell COH shareholders though). There was a bit of political news today as it was announced that a government shutdown later this year should be averted even if the extension is yet another short term measure. As long as we’re talking politics, we would remind people that while we still have met with only one person who thinks President Obama will lose the election to Mitt Romney (Obama is already at 270 electoral votes based on recent polling), most of the country still doesn’t know who the latter is, including the guy who assaulted his wife when he saw a picture of her and Romney, thinking she was having an affair since the husband had no idea who Romney was.
This is a little hard to believe (just 1!?) but surveys have generally shown that Wall Street money managers (with whom Greenhaus generally meets) think that Obama will win, even if they overwhelmingly would prefer Romney.
There is a lot of talka bout how a Romney victory would be great for stocks. Adam Parker of Morgan Stanley highlighted that in a note this week. True or not, it’s interesting that at the moment, the vast minority still don’t think that will happen.