Election Day is Tuesday, Nov. 8, and with the jobs report for the month of October now out of the way, investors will quickly shift their focus back to the presidential race.

Some investors are mulling over the idea that Donald Trump could win the race, while others are thinking about whether Hillary Clinton and the Democrats could sweep Congress and the White House.

It's such a wide range of outcomes, and it's causing a lot of uncertainty within the stock market, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio. Cramer spoke from the floor of the New York Stock Exchange on Friday.

The uncertainty has taken its toll as well, with the S&P 500 (SPY) down eight straight sessions heading into Friday. With the market only showing marginal gains on the day, it's unclear whether it will decline for a ninth straight session.

Because of the uncertainty, Cramer and Jack Mohr have kept an unusually high amount of the Action Alerts PLUS portfolio's funds in cash.

Perhaps if Clinton wins and the Republicans keep control of Congress, the high cash position will be a regret. But so far, it's a move that's paid off, said Cramer.

At the present time, Cramer said it looks like Clinton will be the next president, based on the polls.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

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