The president was exactly right today when he said:
"The stock market is sort of like a tracking poll in politics. It bobs up and down day-to-day. And if you spend all your time worrying about that, then you're probably going to get the long-term strategy wrong."
The stock market is guided by spazzy white guys in lower Manhattan, and a great many of the spazzy white guys are short-sellers (the worst of the worst) who literally make mountains of cash when the stock market fails -- a process that helps to drive prices lower. Some days, economic indicators might be bad, but the market goes up. It's all emotion and knee-jerking and inexplicable mayhem.
Chasing the stock market is Jim Cramer's job, but it absolutely shouldn't be the president's job.