Mike Santoli: ‘Cliff’ Not a Binary Event

There are more concerns for the stock market regardless of what happens with the so-called "fiscal cliff," Mike Santoli of Yahoo! Finance said Friday.

"I think when we're down 3 percent in eight days, which is where we are right now, you're kind of pre-selling a little bit of that nervousness that I would've expected to set in after a deal," he said. "If you're ramped because you thought a deal was going to happen, then you just get ratification of that deal. To me, that wasn't in itself a catalyst."

On "Fast Money," Santoli said that it wasn't entirely accurate to see the "fiscal cliff" outcome as an either-or proposition.

"So much of focus is put on this as a binary outcome – either we get a deal and all of a sudden it's off to the races, or we don't get a deal and we're in big trouble – I think it's a little bit more ambiguous than that."

Just as the market saw the peak of macro uncertainty last year, it was now seeing the peak of policy uncertainty, Santoli said.

"I think now, once we get past the fiscal, it'll be, like, hey, let's start worrying about the regular cyclical, economic and corporate concerns that you usually did when it wasn't just a macro trade or a policy trade," he said.