Even after the election, the markets will remain leaderless

Right now, markets are succumbing to the reality that we have neither vindication nor vilification. There will be no clear mandate. Either party won’t be able to pursue any agenda and defy the other party without risk of losing the next elections in 2 years, which is bad for the markets. Now, futures are down 11 points.

For individual industries and even individuals, there will be winners and losers, but for the economy and markets as a whole we don’t yet know who the leader will be. We do know the country remains divided.

If anything, an Obama win is worse, as persecution of the “one percent” will continue and immediate tax concerns will push stocks down further.

You can follow Peter on Twitter at @TFMkts. We welcome your comments at ideas@qz.com.

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