Next few weeks will be critical for market, expert says

Many analysts are expecting a market rally if Democratic nominee Hillary Clinton wins the election, but even if she is victorious, BMO Private Bank chief investment officer Jack Ablin told CNBC he wouldn't necessarily lay out his macro strategy just yet.

That's because he believes the weeks leading up to inauguration will be "critical" as Clinton determines who to put in key policymaking roles.

"Will she be pulled to the left, as we suspect, and if she is, will there be a Democratic Senate to help facilitate those approvals?" he said in an interview with CNBC's "Power Lunch" on Election Day.


New York Stock Exchange
Michael Nagle | Bloomberg | Getty Images
New York Stock Exchange

To take control of the Senate, Democrats need a net gain of four seats for a total of 50, if Clinton wins. In that case, her running mate Tim Kaine would cast the tie-breaking vote. If Trump is the victor, the Democrats need a net gain of five seats.

There are 34 Senate seats up for re-election this year, with 10 currently held by Democrats and 24 held by Republicans.

Right now, the market is pricing in a Clinton win and a Republican-led Congress.

Scott Minerd, global chief investment officer at Guggenheim Partners, thinks that scenario will be very good for markets.

"I think we'll get a lift here, especially coming into the holiday season. Your retail sales are starting to look pretty good for the holiday season and that has the strongest correlation to performance," he told "Power Lunch."

If Republican nominee Donald Trump wins the White House, Minerd said there will likely be a Brexit-like market sell-off. However, he believes things will return to normal after a few weeks.

— CNBC's John Schoen contributed to this report.

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