3 Months of Gains Wiped Out in 3 Days

• Jim Cramer says President Obama is “creating a one-man bear market.”  Enough already. We know that he's anti-business. We know that he doesn't seem to understand the private sector. We know that he gets huge support from unions, particularly from state and local government unions. We know this. We know that he may not even use this moment of incredible jeopardy for Ben Bernanke's Fed re-up as a chance to "tack right," precisely because that would be pandering to the Massachusetts' Republicans, whom he obviously hates.
• Of course, Jim Cramer said predicted a big rally the previous week with a Scott Brown win.  Former Barack Obama supporter Jim Cramer on Friday said the stock market would have a huge rally if Scott Brown defeats Martha Coakley in Tuesday’s special senatorial election in Massachusetts.”I think investors who are nervous about the dictatorship of the Pelosi proletariat will feel at ease, and we could have a gigantic rally off a Coakley loss and a Brown win,” said Cramer.
• A little bit of this, a little bit of that.
• Ouch.  It happened fast.  3-months of stock market gains wiped out in 3 days of furious selling.  Big volume, lots of distribution.  I can’t blame anyone for reducing some stock exposure.  For the first time in a while, I am considering rotating out of some of my longs into cash or at least lower-beta positions.
• Listening to Bob Brinker as I type, and he’s really supporting Ben Bernanke for another term and blasting Senators who are not supporting the Federal Reserve Chairman.  You know, Boxer, Feingold… etc.  I agree.  Bernanke should be reappointed.  But a lot of those politicians are up for re-election and grasping at some sort of populist position that can boost their polling numbers!
• Haven’t watched Caprica, yet.
• Yikes, tornado warning in the Bay Area (Contra Costa county).
• Looks like there is a break in the stream of constant rain storms here in Sacramento.  I’m going to try and get outside for a bit and survey the storm damage!