NEW YORK (TheStreet) -- The markets were rallying today, but "no one's taking a position" ahead of the U.S. presidential election tomorrow, Virtu Financial trader Matthew Cheslock said on CNBC's "Closing Bell" on Monday afternoon. 

"People are actually keeping their hedges on just in case. Mr. Trump still has a 30% chance. That's not unrealistic. So that's why you're not seeing a move probably even higher," he said. 

"Are you fading this rally?" CNBC's Bill Griffeth asked. 

"I think you're going to be neutral going into it," and you should realize that this will be a drawn-out story, he answered. "You're probably going to want to trade day by day, and there's no reason to do anything other [than that]. Why go against the grain?"

A number of people are comparing the reactions we're seeing in the markets to the reaction before and after Brexit, he noted. "But this just really caught people off guard, and that's why people go home flat at night. It's just not worth having a position going into this and then losing all this and losing all the momentum on your trade."

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