Could Election Spook Market?

As we first told you yesterday, one of the outcomes of this election could spook the market.

What is it that the Street finds so scary? It’s Democrats controling the White House as well as the House and Senate with a super-majority.

Remember this year, all 435 House seats and 35 of the Senate's 100 seats are up for grabs.

Currently Dems control the House 235-199 and they’re expected to pick up seats, that’s no surprise. But, it’s the Senate where big changes could lie ahead.

Dems currently control the Senate 51-49 but seem likely to win more seats on Barack Obama’s coattails. If they gain 9 more seats they would achieve a super-majority of 60 and have a filibuster-proof number, which would prevent Republican lawmakers "talking out" legislation with which they disagree.

What’s up for grabs?

“Dems are likely to pick up Virginia, Colorado, New Mexico, Alaska, North Carolina and Oregon,” explains Steve Liesman.

”Mississippi, Minnesota, Georgia and Kentucky are the four states that are really being contested,” Liesman adds. “However the odds of Democrats winning all these senate seats is fairly unlikely.”

Why does it matter?

”Dividend tax cuts, capital gains tax, minimum wage laws and even the Wall Street bailout could all come into play if the Democrats win a super-majority,” Liesman says.

Regardless of how many seats Dems pick-up, Liesman hopes both parties can put politics aside and just begin to tackle the problems.

“There are real issues of legislation facing the nation," he says. "I don’t want far left and I don’t want far right. I just want them to go to Washington and fix the problems.”

What do you think? Tell us now!

Here's a look at notable Senate and House races:

Senate Republican Leader Mitch McConnell of Kentucky. Just weeks ago, McConnell seemed headed toward an easy victory in his bid for a fifth, six-year term. Although still leading, he is now in a competitive race against Democratic challenger Bruce Lunsford, a businessman.

Republican Sen. Elizabeth Dole of North Carolina. In seeking a second term, Dole's opponent is Democrat Kay Hagan, a state senator.

Republican Sen. Ted Stevens of Alaska. The longest-serving Senate Republican ever, Stevens was convicted on October 27 of political corruption. He is pushing ahead in his bid for an eighth term against Anchorage Mayor Mark Begich, a Democrat.

Republican Sen. Norm Coleman of Minnesota. He is opposed for a second term by Democrat Al Franken, a former star of the TV comedy show "Saturday Night Live."

Republican Sen. Saxby Chambliss of Georgia. His bid for a second term is being challenged by former state Sen. Jim Martin, a Democrat.

Sen. Mary Landrieu of Louisiana is the only Senate Democrat in a competitive race for re-election. Her Republican foe is state Treasurer John Kennedy.

One of the most interesting House races involves Rep. Chris Shays of Connecticut. Shays, a moderate, is the only remaining House Republican from New England. He is being challenged by Democrat Jim Himes, a former Wall Street executive.

Rep. Nick Lampson of Texas is considered among the most vulnerable House Democrats. He represents a heavily Republican district where former House Republican Leader Tom DeLay once reigned. Lampson is challenged by Republican Pete Olson, a retired Navy pilot and former congressional staffer.

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Trader disclosure: On Nov. 4, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (BNI), (MSFT), (CY), (UUP); Macke Is Short (TM); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (INTC), (NUE); Pete Najarian Owns (MSFT) And Is Short (MSFT) Calls; Pete Najarian Owns (SBUX) Puts; Pete Najaria Owns (YHOO) And Is Short (YHOO) Calls; Seymour Owns (AAPL), (BAC), (MER), (SBUX),(BAC), (EEM); Seygem Asset Management Owns (EEV)

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