Dow loses 300 points day after election. Blame Obama.

but wait ...

Didn't John Boner get on NATIONAL TV and say that he was doubling down on the gridlock that made Congress get its worst rating in decades?

Isn't that the kind of inaction/uncertainty that the businesses DON'T LIKE? The "Fiscal Cliff" looming, and the House Republicans lock the steering wheel in position and put a brick on the gas pedal, and then the "liberally-biased media" plays Boner standing up and saying "We want to work with you."

4. Nothing at all to do with the election.

It's about the mess in Europe which is flaring up big time again. Maybe, in the background there is fiscal cliff concerns looming, but Wall Street always has and always does well under a Democratic admin. In the back of the minds of some there may well be some thoughts of concern about Elizabeth Warren win and what that will mean, but today was all about fears re: Europe.

2. It's Greece, which does not want to be like us.

5. Unloading positions

I disagree. I suspect it probably is due to Obama's win. A lot of players were likely invested fairly heavily in "Romney stocks" - defense related, insurance companies, financials, and panicked once the evening went for Obama, trying to unload as much as they could, knowing that these companies would end up being dogs if Obama stayed in. The steep selloff curve is a pretty good indication - that indicates futures action. Elizabeth Warren's election probably had them spooked as well. The sell-off was over by 11am EST. Europe may have been a factor, but the economy has priced in Europe a while ago.

7. Wall Street is a herd of sheep

It is probably true that Warren has them spooked, as if one Senator is single-handedly going to change all the rules of the game. You don't have to be smart to work on Wall Street. In fact, there is considerable evidence that being a good sheep is the strategy that works for most people on the street.

6. Give the Wall Street crybabies a couple of days to get over themselves

They they will realize that their market has practically doubled in 4 years under Obama, and that is based on solid corporate profits, bit so Bush-style bubble. Today the market PE ratio is 15.6 -- right in the middle of the range where it has been for over a century -- and lower than at any time during the Bush years. So there is plenty of upside left in this market. After these turds get done crying, they will realize that their best years have come under Democratic Presidents and they will get back on this thing.