Bachmann says GOP race a political version of stock market

UPDATED 10:18 a.m. ET

Michele Bachmann expressed confidence she would do well next month's Iowa caucuses and she is not concerned about her current position at the bottom of the pack because former candidate Herman Cain was thought to be the nominee just weeks ago.

"This is a political Wall Street where candidates are going up and going down. I think we're perfectly situated to be exactly where we need to be on January 3rd," Bachmann said, touting her conservative credentials and referring to the date of the Iowa caucuses.

She said the conservative Tea Party wing of the Republican party would help her carry Iowa, where caucus voters are typically more conservative than Republicans overall.

She said "everybody" would have predicted Herman Cain would be the nominee just a few short weeks ago. The Georgia businessman dropped out of the race on Saturday.

While Cain had a meteoric rise in the polls in October, few political observers considered Cain to have a realistic chance of winning the Republican nomination for president.

"People are looking for who is the consistent conservative in the race," Bachmann said on CBS' "The Early Show."

"If you take a look at the top contenders, (former Massachusetts Gov.) Mitt Romney and (former House Speaker) Newt Gingrich, it's very hard for a tea partier to see them as the consistent conservative," Bachmann said, noting their former support for health plans similar to President Obama's signature legislative achievement and other policy disagreements.

"On issue after issue that is not reflective of the tea party agenda, they've been on the wrong side of the issue. I've been on the ride side of the issue and I've been the fighter," Bachmann said.

In the latestCBS News/New York Times poll released Tuesday, Gingrich was seen as the most electable against Mr. Obama, with 31 percent saying he had the best chance of winning the general election. Romney followed closely at 29 percent. Bachmann garnered just 3 percent.

A Washington Post/ABC News poll, also released Tuesday, showed Gingrich atop the field among likely caucus goers, with 33 percent. Romney and Texas Rep. Ron Paul were tied for second at 18 percent. Bachmann received just 8 percent.