Mr. Market Says Hi To Mr. Obama

Now you know why I distrust strong market opens. The market was trading well until about midday, and then the news hit that Obama would get the Democratic nod. Right about then, the market began to selloff, and never regained its footing.

If you wonder what investors think about Obama as our next President, today's action probably sums it up pretty well. They don't like him.

The market made its lows with about 90 minutes left in the session, and then stage a nice bounce, only to give a little of it back again. The SPX fell -0.6% while the Nasdaq shed -0.44%.

Oil was a big story, as it closed below $125 for the first time in a while. I mention this level because I hear lots of commodity technicians watching it. Gold also fell, as the dollar had a pretty good day.

The financials were the weakest, as the bear raid of Lehman (LEH) has been pretty successful. At one point, the stock was down -12% before the company made comments that its credit situation was not as dire as the rumors were making it out to be.

Ag stocks got back in gear today, with Monsanto (MON) surging to a new high. I added to one of the ag stocks today, even as these names have kind of become momentum favorites. I also added to a few international steel stocks (MT, PKX) and put on a long trade in GRMN.

long GRMN, MOS, MT, PKX