Another day when the people who believed that Romney had the White House capitulated. Another day when people focused on the bad (Whole Foods) and not the good (Qualcomm). Another day when that giant sucking chest wound that is Apple crushed us. Another day when McDonald's loses its allure.
Another day in a November not to remember.
We are revaluing stocks on the fly now, accepting that 3 percent yield means nothing if Verizon and AT&T cannot protect you at 5 percent. 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, now that Romney is not moving into 1600 Pennsylvania Avenue.
I thought we created some bargains yesterday in the oil. (Why the heck was Ensco down so huge on a Brazilian rumor?) And the banks--I wanted very much to buy some Wells Fargo for my charitable trust.But I felt very lonely out there. The breakdown at the end of the day probably even scared the bottom-fishers.
This one won't end until we open down big and then rally into the close--the exact opposite of what we had yesterday, as we took out the sainted 200-day moving average in the S&P 500.
Disclosures: At the time of publication, Cramer's charitable trust was long AAPL and WFC.
