As well they should. Almost every Election 2012 poll I've seen has the candidates in a neck-and-neck race headed into today's finish line.
As of press time:
- CNN's survey has them in a dead heat at 49% to 49%.
- Pew Research shows Candidate Romney behind President Obama by a 50% to 47% margin.
- The Politico/George Washington University survey reflects a tie at 48%.
- And the latest NBC/Wall Street Journal numbers show President Obama pulling ahead with 48% compared to Candidate Romney at 47%.
Given these mismatches, I can only hope we're not left counting chads or something equally ridiculous tonight when the polls finally close. The markets really wouldn't like that.
As it is, all the major averages are on hold. Not literally mind you, but figuratively. Nearly every trader and institutional manager I know is treading lightly at the moment.
Because they know that by Wednesday morning half of them will be wrong. That means they'll have to adjust both their outlooks and their portfolios.
In the financial scheme of things, though, the election is a sideshow. The far bigger issue when it comes to your money is the fiscal cliff. And I am not alone in my thinking, either.
A recent CNN poll suggests that 60% of market professionals are far more concerned about what's going to happen when spending cuts and tax increases hit January 1 than they are about who's in the White House.
I don't think they're wrong to be worried, either...