What Investors Can Do Until Stocks Rally Again

Getting the government to put its fiscal house in order could also provide the bulls with more support. Whether the U.S. addresses the “fiscal cliff” — when automatic spending cuts and tax increases go into effect at the start of the year — is likely to hinge on the election. The first of three presidential debates kicks off Wednesday night. (Read More:Claims Likely to Surface in Debate and Facts Behind Them.)

Art Hogan, of Lazard Capital Markets, said that a Romney victory would be great for stocks in the last two months of the year as he may handle the fiscal cliff more quickly than if Obama wins reelection. “The two levels of stock appreciation will be the assumption that you get better growth in the economy and the fiscal cliff gets fixed quicker,” he said in an interview Wednesday.

In addition to digesting the spin from debates, the central banks will be back in focus on Thursday. Both the Bank of England and EuropeanCentral Bank hold meetings and the Federal Reservewill release the minutes from the September meeting when they announced a new round of monetary stimulus. The ECB and BoE meetings are likely to be uneventful.

"The market is expecting nothing from the ECB tomorrow," Willie Williams, director of institutional derivative sales at Societe Generale, told CNBC. "At the last meeting, they gave us a lot of what we needed" when they committed themselves to keeping the euro zone together. (Read More:Your Setup Trade for the ECB Meeting.)

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