Why no Obamarally? Obama's pretty inaugural speech gave no promise to shareholders of a quick buck:
In reaffirming the greatness of our nation, we understand that greatness is never a given. It must be earned. Our journey has never been one of short-cuts or settling for less. It has not been the path for the faint-hearted - for those who prefer leisure over work, or seek only the pleasures of riches and fame.
Translation: the short-term reward seekers of Wall Street won't get any more bailouts. Shareholders are going to share in the sacrifice. Therefore, stocks are down. Can we dispense with the theory that Obama has a magical hold on the stock market — and that the Dow is a perfect proxy for the health of America?