Paging CNBC's Jim Cramer, where's the "gigantic" Scott Brown stock market rally?
Blog ››› ››› ERIC BOEHLERT
Cramer late last week:
What does a Brown election mean...? Well, first you're going to get a knee-jerk rally in all the so-called penalized stocks -- the HMOs, the drugs, the medical device-makers. I call it "knee-jerk," though, because these stocks have been on fire for months...It's been clear as a bell that the health care reform wasn't going to affect most health care stocks. That's versus what we thought last year.
More important, though, I think that investors who are nervous about the dictatorship of the Pelosi proletariatwill feel at ease, and we could have a gigantic rally off a Coakley loss and a Brown win. It will be a signal that a more pro-business, less pro-labor government could be in front of us...How about a little bit less like the old Soviet Union? Yeah, that would be a bit more like it. Pelosi politburo emasculation!
Hmm, because in the wake of Brown's win last night, the Dow Jones has been down since the opening bell, and often down dramatically, falling nearly 180 points in Wednesday's trading.
UPDATED: The Dow just dropped below 200 points for the day. Still waiting for Cramer to comment.