Wall Street Is Presaging an Obama Surge

Maybe this market's figuring a total implosion of the Republicans and the McCain candidacy. What's working? Housing, which is an industry that the Democrats have pushed hard to protect homeowners. How about retail? Obama stands for cutting taxes for all but the rich, so that means more spending. Could those two groups be forecasting a big win for Obama?

Now, what's getting killed? Coal. I think coal's dead as a doornail under Obama. I can't imagine any utility management in its right mind building anything coal right now. That could be part of the endless decline in McDermott (MDR - commentary - Cramer's Take), too, a coal play for certain. The fact that China's absent from the scene shows you what the domestic demand situation for coal could be like under Obama. Awful.

Utilities? Slaughtered. Obama doesn't set rates for utilities, obviously, but perhaps a total collapse of the Republicans because of the top ticket might spell disaster for the utes.

Somehow the anticipated coronation of Obama, perhaps because of the veep, is getting factored into this market. That's making it ugly for lots of key groups, and we are feeling it for certain.

Random musings: Corning's (GLW - commentary - Cramer's Take) warnings are crushing tech, because Corning's glass is related to everything from computer screens to fiber optics. Nasty.

At the time of publication, Cramer had no positions in the stocks mentioned.

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