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Stock Market: Best of All Worlds Now?

Republican presidential candidate Mitt Romney following the first presidential debate with US President Barack Obama the University of Denver in Denver, CO.
Republican presidential candidate Mitt Romney following the first presidential debate with US President Barack Obama the University of Denver in Denver, CO.

Is this the best of all possible stock worlds?

Do stock bulls have clear sailing into Election Day? That's what some traders think we have.

It's a cliche to say that markets don't like uncertainty, but the debate results — which increase uncertainty about the presidential outlook — help the markets.

That's because Governor Romney is perceived to be more friendly for stocks.

(Read more: First Debate: How Candidates Did in Getting Facts Right)

The bulls point to approaching multiyear highs on the S&P 500, and to the Dow Transports, which after underperforming the Dow Industrials for three straight months, has outperformed the Industrials three straight days. Hardly a major trend, but supportive nonetheless.

So now we have the Fed, the ECB, an uncertain presidential election, all a positive for stocks. The wild card, of course, is Spain and the state of the bailout.

But some arguing that even Spain is less of a wildcard than some think. Did you see what happened today with the Draghi press conference? Draghi said he was ready to help Spain "today", ready to use the ECB bond buying program. Spain only had to ask and agree to the terms, whatever they are.

Regardless: the euro has been strong all day, the dollar weaker.

"Romney won the debate but Draghi won the day," Art Cashin quipped.

(Read more: Poll: Who Do You Think Won the Presidential Debate?)

—By CNBC’s Bob Pisani

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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