I think there is much uncertainty about the outcome and the market doesn't like uncertainty. I see a pop after the results and then some market nastiness ahead consistent with Z's assessment. I'll add a comment in response to Kw; I wonder if party affiliations mean as much at this particular moment. Here in the rust belt we have many (or at least some) traditional Ds that favor the president and many suburban Rs (at least some) who have moved away from him. My point is that the uncertainty at this point is a factor in the market, but it could lessen next Wednesday. In any event, I don't see this election as driving the markets as much going forward as other problems.