There's another possibility, albeit a stealth one at that. President Obama's victory assures a continuation of the ultra-easy monetary policy of the Federal Reserve. (Note: Mitt Romney had talked about his opposition to Fed Chairman Ben Bernanke's electronic money printing.) It follows that there are a number of gold/metals miners in the S&P Basic Materials Index like Newmont Mining (NEM); some of them were essentially flat on the trading session, as gold figures to benefit from Obama's second term.
Last, but not least, Consumer Discretionary (XLY) showed signs of relative strength in the dramatic selloff as well. It may speak to the electorate's increasing consumption and increasing sentiment. It may also be ignoring revenue misses and poor earnings guidance going forward, but that's for another discussion.
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