Market Tour (Election Eve)

Oil down slightly, but Nigerian threats and South American taunts keep oil close to $60. Some experts call for major drop to $45 just after election.

Chinese authorities key on oil and energy production in major investments in Africa. I'll go out on a limb here and say that the US is falling behind on business investment in third world.

Mittal Steel CEO takes over new merged company, even though he suggested otherwise earlier. Watch for closure of western production facilities, including Indiana. Here's the problem, two years ago the Amercian economy including Indiana could have handled the shut down of these plants ... now? I think the purposeful slowdown of the housing economy will make these plant shutdowns a real problem. It's time for the Fed to loosen it's grip and let the economy and especially housing run free again.

Here's my favorite statistic of the week: Unemployment falls to it's lowest level in years and the Democrats are complaining about the economy? Why? They want taxes increased and they want to increase the price of oil with a consumption tax and they want to pull out of Iraq immediately. They don't seem to care for Clinton's old mantra "It's the economy stupid"

Want my prediction on elections tomorrow? Republicans will hold the Senate. Democrats will gain the House by 3 seats, Nancy Pelosi will be voted in as speaker of house setting up a mandate election in 2008 for McCain vs. Hillary. In our own state, Republicans will hold House and Senate and major state jobs. I deal with my county predictions on my porter county politics site.