I would love to blame this on him simply because he is going to cause this country incredible pain if he implements what he pledged to do. I think he is smart and for that reason he will renig on some of his promises. However from a trading perspective, this is just a bull trap above the pivot high from 10/21, just a normal reaction in a downtrend. We got a rally back off lows that trapped a few bulls who waited too long to get in, just cleared the last pivot which triggered some buy stops the day of the election, now they are trapped and have to puke out. Alot of people watch these 1-2-3 patterns and buy when the pivots #2 point in this case, get taken out. Fading that breakout pattern is often wise because you have alot of people trapped that have to get out so you can often get a quick large profit like this. Good risk to reward ratio.
This has nothing to do with Obama winning the election.
I heard a great quote on the radio from someone who said they voted for him because he was going to pay her mortgage and buy her gasoline! Funny stuff, but in reality not funny.
