With the stock market falling over 300 points right now it’s pretty plain to see how Mr. Market feels about Mr. Obama’s win last night. For what it’s worth I think this is a pretty decent buying opportunity.

The market feels like it wants to shake out the weak hands before forming a short-term bottom that would set the stage for the typical holiday rally. There aren’t many bulls around; stocks are pretty fairly valued; Nasdaq and Russell 2000 are sitting pretty close to support at their 200-day moving averages; and any positive news regarding the fiscal cliff could be a boon to prices of risk assets.

All in all, I’m taking the other side of Mr. Market’s reaction today and turning cautiously bullish at current levels.

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