Market Pros: 3 Races That Could Change Your Portfolio

37 Senate seats and all 435 House seats are in play on Tuesday but the outcome of only a handful of those races could impact your portfolio hard and fast.

In fact Ed Mills of FBR thinks 3 races could be key as you position your portfolio into the end of this year. They follow:

Nevada U.S. Senate Race
Sen. Harry Reid (D), Senate Majority Leader vs Sharron Angle (R)

Illinois U.S. Senate Race
Rep. Mark Kirk (R) vs Alexi Giannoullias (D), State Treasurer vs LeAlan Jones (Green)

West Virginia U.S. Senate Race
Gov. Joe Manchin (D) vs John Raese (R)

Why do these races matter so much?

If Harry Reid loses then the Dems have to vote for a new majority leader, says Mills. That race is expected to be between Chuck Schumer of New York and Dick Durbin of Illinois. If Durbin wins some believe it could increase the chance for interchange legislation, proposed legislation limiting debit-card transaction fees paid by merchants. And that could be an overhang for Visa and Mastercard .

Looking at Illinois and West Virginia, both are special elections and the winner will be seated immediately, explains Mills. That means they will vote on what to do with the Bush tax cuts. If the GOP wins here it’s one or two more votes against allowing the cuts to expire for the wealthy.

Check out our entire conversation with Mills in the clip above. It starts about 15:00.

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Trader disclosure: On Nov 1, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (APA), (AAPL), (AXP), (C), (GOOG), (GS), (FCX), (IBM), (NOV), (ORCL), (PCP), (PEP), (PFE), (UPL), (VRTS), (XBI); Cortes is short (AAPL); Cortes owns (GOOG); Cortes is short (RSX); Cortes is long S&P 500; Cortes owns (K); Cortes owns (TSN); Cortes is short Euros; Cortes is short crude oil; Cortes is short gold; Cortes owns U.S. Treasuries; Grasso owns (ASTM), (BA), (BAC), (C), (CSCO), (JPM), (LPX), (MO), (MOT), (NDAQ), (PFE), (PRST); Finerman owns (AAPL); Fienrman’s Firm owns (APC); Finerman & Finerman’s Firm owns (BAC); Finerman & Finerman’s Firm owns (JPM); Finerman’s Firm owns (MSFT); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Weiss owns (UPS); Weiss owns (JWN); Weiss owns (HK); Weiss owns (DVN); Weiss owns (CSX); Weiss owns (COP)

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