Sellers' Motives

 | Nov 07, 2012 | 2:47 PM EST  | Comments
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No hurry to pick. I would like to see us go down again. If we don't go down, I will pass. Here is why.

It's a blizzard out there in New York. Just horrendous. If I didn't have to work, I would go home. Given how bedraggled everyone is in the New York-New Jersey-Connecticut region, I know I am not alone in this.

Now, in this environment, we have two motivated sellers. We have the people who bought stocks betting that Romney was going to win. Remember, that was the prevailing view 24 hours ago, when we heard and read endless commentators saying that he had huge momentum. You heard the litany: "He is going to take Pennsylvania, Ohio, Florida, Wisconsin even."

Believe me, I followed every comment and every utterance of these people because I know that many of them were offended by my call that Obama would win big and that he would take every battleground state, which he did.

These people tried like heck to embarrass me and attack my character. They acted as if they knew my whole voting record. They didn't know jack. I even invoked Karen Cramer rules, meaning I made it clear that only she knows how I voted for the last 20 years and no one else.

So, that cohort, the totally wrong about Romney's chances cohort, has to blow out of stocks either because they are so disgusted that their guy didn't win or because the stocks they bought will get hurt by a second term from Obama.

The other group? These are the people who want this market to come down. They are prevalent on a day like today and they can play havoc with a thin market.

We are picking for the trust. Where it helps our basis. Nothing aggressive. Small. That's the operative word. Small. And certainly not any more at this level. That's been done!

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