Today on the Marketbeat: Obama makes history, the Market reacts...

Market #'s @ Close:

DOW: -490

S&P: -53

NASDAQ: -98

RUS2K: -23

TSX/S&P: -223

VIX: +7.5 to 55.22

Internals:

Core Sector List: 16/0 to the Bears

NYSE

BREADTH: 8/1

TRIN: 3

AD LINE: -1900

NASDAQ

BREADTH: 9/1

TRIN: 2.38

AD LINE: -1600

Today on the Marketbeat: Obama makes history, the Market reacts...

So all the ballots are in, and Obama has made history, as was priced in, making himself the first African American President of the United Stated of America. Politics aside, because I don't really care for them, This was a day the market was waiting for, and now that its gone, time to get back to finance. 

The Market gaped lower this morning and came close to filling the gap very quickly into the trading day. After which it hit the sell button until midday where it took a lil breather for most of the afternoon until it hit the sell button again towards the end of the day. This was somewhat to be expected as the market has been rallying a fairly decent amount in the past couple of days, a retracement was in need as the Bullish percent index as well as the McClellan index also reached overbought areas yesterday. What we should be watching for as personal traders is the market to retrace a bit more and then catch alot of the nice Buy the Dip setups that are a dime a dozen in this climate. Options are still slightly expensive but are becoming a better choice as the VIX falls (remember as the VIX falls the option premiums will follow suit).

Under the Hood the market internals were as bearish as one could ask for, with the Trin making higher highs all day, and the AD lines tacking on some solid losses. The Breadth closed the day @  and  on the NYSE and NASDAQ respectively. And the Tick spent a good majority of the day under zero giving traders a good idea to stay short on the short term. 

Buy The Dip:

POT - FDX - DLTR - CHK - LZ - UYM - MO - DE