"Barrack Obama became the 44th U.S. President last night in a practical landslide victory. Unfortunately, the stock market melted down on fears regarding his economic leadership skills and true ability to navigate the country."
Not being too political, but the stock market really does not care who is President. People asked me about my views on the election and I told them all that since the economy was slowing, the incumbent party would not be reelected. Proof, see 2000, 1992, 1980, 1968. As for possible economic policies like higher taxes and spending, well it seems a lot of the recent weakness in the market began once the polls started to reflect an Obama win.
My main concern in this matter, is whether or not we will have to continue financing a buildup in the national security budget. Although the dollar has had a pretty good rally lately, I would not be surprised to see a test of the 72 level on the DX (about 15% decline). This is bullish for gold, bearish for bonds, and neutral for stocks.