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Clinton win, GOP Congress not necessarily a rocket ship for market, Jeremy Siegel says

While Wall Street analysts are anticipating a rally if Democratic nominee Hillary Clinton wins the presidency and Republicans retain control of Congress, well-known market bull Jeremey Siegel warned it may not all be smooth sailing ahead.

"Even if we do have a Clinton victory and the GOP Congress, it won't mean necessarily that we have a rocket ship for the market for the rest of the year. There are uncertainties that are facing it," the University of Pennsylvania Wharton School financial professor told CNBC's "Closing Bell" on Tuesday.

For one, he believes the Federal Reserve will hike interest rates in December. Plus, earnings matter and guidance has been "rather iffy," Siegel said.

That said, he believes the market will be "fine" with gridlock in Washington, D.C., and noted that when President Bill Clinton was in office with a GOP Congress it was the "greatest bull market in history."

Meanwhile, if Donald Trump wins, it will be a sharp down day Wednesday, Siegel said. He believes that will be a buying opportunity.

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