I think when the macro economic factors are as relevent as they are now, and have been since 2008, then the micro economic factors don't matter near as much.
Markets look for clues of any sort to give them direction....when the "big" factors are more or less stable (i.e. when the global economy is not flushing down the toilet) then they look for the "small" factors....an example of that would be like oil gaining 5% in a day in 2007 because of rumours of breakdown in the peace process between Israel/Palestine or stock markets going up or down a lot in a day because of a single senatorial election.....
I'm of the opinion that there is enough relevent macro economic factors still at work to make any of the micro stuff mean anything.
Satan himself could be elected as the POTUS, but if unemployment goes below 9.5% the next day, you can bet the markets will go up.
As for the markets on a tremendous tear since March under democratic rule.....there is a difference between correlation and causality....
Certainly the two are correlated....that does not mean there is causality there.
Markets were so oversold by March, that the markets would probably rose jsut as much if my English bulldog Winston was working in the oval office.
