CHESSNOID

The markets have fallen pretty bad up to this point. I really thought we would be trading in the positive range regardless of any news that came out.  After the speech Obama gave, the markets did react but not in the way I thought it would.

NEW YORK (Reuters) -

Stock indexes extended losses and hit session lows on Tuesday after President Barack Obama’s inauguration speech provided few new details about measures to tackle the growing economic crisis.

“I think people were looking for something, new plans, new hopes,” said Joe Saluzzi, co-manager of trading at Themis Trading in Chatam, New Jersey.

“They didn’t hear something new.”

I don’t think this is a reflection of the people’s attitudes, but it is definitely a sign of what investors are feeling. Investors want more specifics about plans to fix the economy, and the speech didn’t do that. The Obama administration already put out a 14 page summary of what its goals are, but that too was general.