The Selloff Just Gets Worse

 | Nov 08, 2012 | 4:30 PM EST
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Hideous. I mean just plain hideous.  Another day when the people who believed Romney had the White House won capitulated. Another day when people focused on the bad, Whole Foods (WFM), and not the good, Qualcomm (QCOM). Another day when that giant sucking chest wound that is Apple (AAPL) crushed us.

Another day when McDonald's (MCD) loses its allure.

Another day in a November not to remember.

We are revaluing stocks on the fly now, accepting that 3% yield means nothing if Verizon (VZ) and AT&T (T) cannot protect you at 5%. We are deciding that the Obama bear market began on the day after the election and that all that matters is locking in whatever you can lock in, now that Romney is not taking over 1600 Pennsylvania Ave.

I thought we created some bargains today in the oil -- what the heck was that Ensco (ESV) down so huge off of a Brazilian rumor? -- and in the banks -- I wanted very much to buy some Wells Fargo (WFC) for the trust.

But I felt very lonely out there.

The breakdown at the end of the day probably scared the bottom-fishers who can't remember not making money if you bought after a down-300 day.

This one won't end until we open down big and then rally into the bell, the exact opposite of what we had today, now that we took out the sainted 200-day moving average on the S&P 500.

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