COMMENTARY | COLUMNISTS | GEORGE CHAMBERLIN

George Chamberlin's Money in the Morning

The post-election selloff on Wall Street continued yesterday with another triple-digit decline for the Dow Industrials. Combined with Wednesday's 313-point drop the Dow is now down 434 points since Tuesday's voting. The uncertainty about the fiscal cliff and the mess in Europe deserve much of the blame for the stock decline and investors will be anxious to hear from President Obama this morning -- 11 a.m. Pacific time -- when he briefs reporters on his plans to avoid $600 million in tax increases scheduled for the start of 2013. He will not answer reporter's questions at the event. By the way, Congress returns from the election recess on Monday, so watch your wallets.

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Stocks had opened lower again this morning but reversed direction after the University of Michigan reported its consumer sentiment index rose in early November to the highest level since July 2007. The index measures how consumers feel about their personal finances as well as business and economic conditions. Most "experts" were looking for the index to decline because of Superstorm Sandy and the fiscal cliff -- which has become America's favorite excuse for anything and everything.

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Walt Disney stock is down more than 6 percent this morning after reporting earnings after the close last night. The entertainment giant said spending and attendance at its theme parks rose 10 percent in the past quarter. I have always considered Disneyland to be a great economic indicator. Considering it costs nearly $90 for an adult -- anyone 10 years of age or older -- to get into the Magic Kingdom, and then have to pay for other expenses once inside and you've got one really expensive family outing. Yet even during tough times, the place is always jammed. The problem for Disney stock this morning apparently has something to do with disappointing results from its film and television operations.

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Speaking of stocks on the decline, share of Groupon have dropped another buck this morning and are now trading below $3 a share. A year ago at this time Groupon was moving at $26. Another troubled stock, Facebook, is back below $20. Yesterday it was announced a top executive at the company, Sheryl Sandberg, sold another 176,000 shares of restricted stock. This follows the 350,000 shares she sold last month. And, Sandberg still owns 20 million shares that she could be selling in the future. Along with other insiders who also are being cleared to sell their stock, this could mean more downside for shares of the social media darling.

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Hard to believe but Black Friday is just two weeks away from today. Retailers are gearing up to attract as many shoppers as possible. Wal-Mart announced yesterday it will open for business at 8 p.m. on Thanksgiving Day to attract early bird shoppers with some special deals. And, it will open the doors at Sam's Club big box stores at 7 a.m. Friday morning to its members. A free breakfast will be served and Starbucks coffee will be flowing.

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Good luck to the Aztec football team tomorrow as they take on the Air Force at the Q. The SDSU squad is 7-3 this season and has the opportunity to wrap up the conference championship with a win tomorrow afternoon.

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