I watched CNBC at various intervals last night, from just after when the election was called for Obama, all night, to this morning's opening of the NYSE. The overnight futures just kept falling more and more all night.
As of 0940 EST, the Dow is off 170, about 1.5%, oil is off 3%, gold is up almost 2%. Those three taken together show a very nervous and worried trading floor. If it gets much worse, Tsar Bernanke will say something about more Quantative Easing (printing money), but THIS time, facing financial collapse, the markets won't be mollified by QE talk. This time they will just slide over the cliff.
CORRECTION: As of 1010 EST, a half-hour later, the Dow is off 220, almost 2%
Correction #2: as of 1120 EST, the Dow is off over 300 points. Apple stock has fallen 20%
Sure, the day-traders will inject their funny-money in for a few hours when their computers tell them that this or that equities are great values, having fallen to their proper P/E ratios, but they can't fool everyone, and when their meddling doesn't drive prices back up, they will flee to gold. Now that the Won has Four More, and more runaway Fed printing presses appear to be in our future, real worry sets in. Worry equals a falling Dow, and when it falls far enough, Obama will never be able to impose a single higher tax, and he'll have to look at postponing the more expensive parts of Obamacare. That's a win. An economic contraction is a win. The talking bean-counter heads are worried, and the market reflects their worry.
The danger, of course, is thatthis time, it won't STOP falling, and Great Depression Two will be in our Christmas stockings (but without a lump of coal, coal is outlawed).
Watch the Dow all day. Put a ticker-widget on your phone (take your charger with you, those widgets will kill your battery twice as fast).
If the Dow falls 200+ today, and similar tomorrow, and doesn't rebound on Friday, the bottom will drop out on Monday, and the inter-session trading will probably kill the world's economy over the weekend, anyway.
I do need some more beans. Got plenty o' bullets.