Does the Stock Market Hate Barack Obama?

Charlie Gasparino was criticized for a New York Post column a few weeks back saying that the market was afraid of Barack Obama's policies. At the time I thought he was wrong, but the market's action lately seems to be confirming that point.

The market today is down 5% so far, and Reuters talks about continued fear of economic slowdown. That's hardly a vote of confidence in the forthcoming Obama administration.