I can't help put think that at least part of the volatility in the markets is due to the fact it looks increasingly likely that Obama will be president. I suspect that if he wins, there will be continued major sell offs of anything taxed under capital gains tax laws between election day and inaugural day. After all, Obama wants to nearly double the capital gains rate (for "fairness"!)
If you're in a selling mood already, and you're given the option of giving the government 15% of your profit now or 28% of your profit in a few months, well, it's not exactly rocket science.
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