You can divide this day into four simple parts:
(Read more: ECB's Draghi: Euro Zone Slowdown Hurting Germany)
2) 9:30 a.m. ET: The U.S. open — stocks open weak, with particular weakness in sectors believed to be affected by Obama: coal, defense, energy, banks, dividend-sensitive; and the S&P 500 index drops another 10 points.
(Read more: Dismayed at Obama Win but…Good for Stocks: Gartman)
4) 11:30 a.m. ET: The European close, U.S. stocks bottom — a surge of selling in the U.S. exactly at the European close strongly suggests that much of the selling pressure in the U.S. was coming from European fund managers.
Why I am not worried, yet: