Market Opens Weak After Dems Win House

The market has opened under a bit of pressure, as political uncertainty arises surrounding the Democrats taking the house (for the first time since 1994), and the still pending Sentate races in Montana and Virginia.

Of course, the market has been rallying strong of late, without much of a pullback. So while any decline in the market will certainly be pinned on the elections, it is not much of a stretch to make that call. That is, the market was likely due for some consolidation anyway. I expect the market to continue moving higher in short order.

Healthcare and biotechs are down the most, while retail and financials are in the green. I expect tech to bounce back soon also, as it should avoid any political fray.

In other news and notes:

• Nikkei down -1.1% overnight
• FWLT handily beats estimates; stock up
• WFMI rises on increased stock buyback ($100M)
• SIRI reports in-line results; stock up
• GOOG angling to beef up radio ad-sales business (WSJ)
• WYNN reports earnings; stock up on Macau prospects
• URBN gets several upgrades ahead of earnings
• CVS added to Conviction List at Goldman
• TRLG misses EPS; stock down -23%

long GOOG, GS, URBN, WFMI