jack ablin is the chief investment office at b.m.o. harris private bank. he joins us from chicago. ow about it here, jack? what is the strategy over the next six weeks as these negotiation continue? >> you know, it's a pretty emotional strategy, tom, just because i think the downdraft, the 5% slide that we've endured since the election is, i would say, arguably pretty emotional. it's one of these things if you want to speculate and think the news will turn out fine, go ahead. that would be my inclination. i think that lawmakers get it. they need to be able to come up with some kind of compromise, even if it's a temporary one by year end. >> tom: in the meantime, look for some volatility. >> you're looking to put some money to work overseas with your vanguard emerging markets e.t.f. picks, v.w.o. is this-- it seems to be a pretty risky bet considering whether or not the u.s. can avoid the fiscal cliff, could have an impact overseas. >> it certainly could, tom, but i think it's actually what we've been doing incrementally is moving money away from the u.s. and into the emerging market

joining me now is jack ablin, chief investment officer with bmo harris private bank.k, thank you. let's begin right there. so, look, nearly half of the s&p index, these are not some smaller names. some big names. microsoft, apple, google. off 10% from highs. what is your take on that? >> yeah, i mean, i think watching the technicals or at least what we would call the internals is an important point, especially now, given that we got close to, what i would call full value, fair value at 1450. and it seems like we just can't sustain that. but, you know, broader, if you just look at the fundamentals and valuation, i would say that there is still some decent support for stocks. ashley: would you say though that the market right now oversold for the first time since back in june as some economists are saying right now? >> yeah. i think that, at least what we saw yesterday and a little bit today, is part of what i will call a kind of a reset, given now that we have a landscape out there. we've got, you know, the cards are dealt and now investors are busy trying to figure ou

he's jack ablin of harris private bank. and that's "nightly business report" for thursday, november 15. have a great evening, everyone. you, too, tom. >> tom: good night, susie. we'll see you online at nbr.com, and back here tomorrow night. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. ttlso follows us on our faceboop page--izrpt. and o twitttter @bizrpt. @ captioning sponsored by macneil/lehrer productions >> brown: israel stepped up its military offensive in gaza today and hamas rockets targeted tel

joining me is jack ablin.ood to have you on the program. >> thank you, maria. >> what a greeting the markets gave president obama's re-election, the huge selloff. do you think this is political nerves, fundamental problems? what is behind that and is it sustainable and long lasting? >> think it was reaction to revelations of new regulations, new taxes, things like that. if you look at the sectors hardest hit were financials because of the tighter regulations, tougher to do business, but also energy, same thing, on the coal and the environmental side there. so i think those two were kind of what i will call a reset. >> would you buy in to the selloff or do you want to take to the sidelines. the market has done well under president obama. i realize it is probably the free money and the stimulus from the federal reserve that that has driven the market but the nasdaq is up 90%, the dow up 50%, s&p 500 up 60%. was this an over reaction and would you look for opportunities to get in? >> i think, i would say fundamen