KKM Financial Founder and CEO Jeff Kilburg is eyeing health care, specifically the exchange-traded fund that tracks the sector, the XLV.
He said the XLV, up 21 percent year-to-date, could be hit if a Republican majority tries to repeal the Affordable Care Act.
"Buying puts on the XLV should prove profitable because health care has to come back down. Gravity will pull it lower," Kilburg said.
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However, Iuorio cautioned that the sector could be caught in the updraft of a market rally.
"The overall stock market might be relatively buoyant just for by fact that people will believe this is a more business-friendly government than we had a day ago," he said.
Who ultimately controls the Senate comes down to 10 key states, where races are close. If election night ends in no clear victor in any of those states and perhaps a run-off election, then Kilberg thinks things could get ugly.
"It could paralyze the market," he said.
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If that happens, he'd buy CBOE Volatility Index (VIX) futures for protection.
Iuorio isn't convinced the market will react so harshly.
"I think it could but I look at the past six months and there've been plenty of things that I would have ranked higher on the list of what could roil markets and destabilize things than this," he explained.