Futures markets correctly priced in an Obama victory yesterday and all of the economic pain that will go along with it. As I have said weeks ago, before it was a popular topic, that an Obama victory would be wildly bullish for commodities as it would mean a vote of confidence for Fed Chairman Ben Bernanke and his policies of easing. Of course at the same time that means that the market is pricing in perhaps a decade of more economic pain. The markets are saying that under an Obama presidency get ready for continued high unemployment, higher budget deficits, higher taxes, and higher gasoline prices and less job creation.
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