No way I would have made that prediction three weeks ago. I did make that bet yesterday near the close by selling a buttload of futures because of the runup. I knew Obama was likely to win, but I thought that no matter who won, the market was going lower because the news was out and the market had a good run over the last week. VIX also got to a new low since the credit crisis started to unfold. It is back up around 54 - got to 89 (!!) around the open on Oct 24 when futures were limit down premarket.
he made that solely on the prediction that the global markets would not see Obama as a “stabilizing force” - he said the asian and european markets would drop overnight and the us market would follow. I’m pretty sure Rush said the same thing.