The first pure uncertainty that could arise if Trump were to be elected is a potential for a trade war with China.
"A Trump presidency means he is very hard to game, except that you should sell anything related to commodities if you believe Trump is going to win, because he seems eager to start a trade war with China," Cramer said.
Investors may forget how much commerce the U.S. does with China, he added, especially the consumer packaged goods, technology and capital equipment needed to mine and build roads that are sold to China. That could impact Apple, Caterpillar and PepsiCo, among others.
Cramer also thinks the railroads could be impacted, as much of U.S. coal goes to China. That business has been part of the major rebound for the group. Airlines and aircraft builders could also be crushed, including Boeing and United Technologies.
"So many of our industrials would be impacted by this trade war," Cramer said.
If Clinton wins the election, Cramer has concerns over the heath care sector. It was clear to him that Clinton intends to take her cue from Mylan, Teva and Valeant, and do everything she can to prevent drug companies from raising prices. The scrutiny could even extend beyond these companies to ones involved in research and development, too.
Additionally, if Clinton was to win in a landslide and the Democrats take both houses of Congress, Cramer also expects Senator Elizabeth Warren to have a significant amount of influence.
"Even though Hillary has taken a huge amount of money from Wall Street, you can only imagine what kind of damage a newly empowered Elizabeth Warren could do to the financial sector," Cramer said.
However, as long as the Republicans keep the house, Cramer anticipates that a divided government under Clinton will look a lot like the divided government under President Obama.
"You can't necessarily hide in the domestic companies because, let's face it, the nationwide minimum wage would go up with Hillary, and that means higher labor costs for the retailers and restaurants," Cramer said.
The only real common ground that Cramer could find between the candidates is that more money will be spent on defense, and those stocks have all been elevated in pricing already.
"Suffice it to say, unless you get a clear winner going into November, the uncertainty would be incredible and … uncertainty is the one thing we know above all, investors hate," Cramer said.