• by Wayne Friedman , Staff Writer, December 19, 2016

Media and entertainment stocks continue to rise since Election Day. How much should the election of President-elect take credit? Depends on how you read the tea leaves.

The Dow Jones U.S. Broadcasting & Entertainment index is up 8% since November 8 to 1,189.04 while the Dow Jones U.S. Media Index is 7% higher to 803.14. All this follows other broader industry indexes, which have climbed at about the same level.

This analysis is easy to figure out: Investors have decided Donald Trump will bring lower corporate taxes and less federal regulation -- which virtually all corporate executives would give a thumbs up to.

Stock market -- and indices -- are typically futuristic measures investors count on. But just as likely sentiment can equally change -- and be confusing.

The President-elect has been against the big AT&T and Time Warner deal -- which seems to counter the common wisdom of previous Republican Presidents, whose general positions were to get out of the way and let business do its thing.

Perhaps equally confusing to some, Mark Cuban, the big time technology entrepreneur, “Shark Tank” panelist, and owner of the Dallas Mavericks, has come out in favor of the AT&T/Time Warner deal.

Plenty of media competition for AT&T/Time Warner -- including many of those major digital media powerhouses, Google, Apple, Facebook, and others is his reasoning. It didn’t take much time to come up with this opinion. Cuban just looked at his young son’s media habits. He uses apps rather than turning to traditional TV.

Just as confusing is looking at technology stocks. Dow Jones U.S. Technology Index, which includes, Apple, Intel, Google, Cisco Systems, IBM, IAC/Interactive Corp. and Microsoft, has been on a roller coaster, down in first three weeks following the election. Now up a bit overall, 3% to 1,251.06 since the election.

Some see the expected growth in the U.S. economy hinging on newer technology businesses -- which can be key tools for media/entertainment gains —not just currently rising financial stocks and traditional manufacturing/transportation companies.

Not making any sense? The tea leaves at the bottom of Trump’s cup are still too wet -- and floating. Drain the cup.