What does the new administration mean for Wall Street? Jim Cramer's first reaction to the election is live on TheStreet's Facebook page Wednesday morning at 8 a.m. ET. He joins our team of reporters along with experts and analysts tracking the markets with us.

NEW YORK (TheStreet) -- Americans are flocking to the voting booths on this election Tuesday to decide if Hillary Clinton (D) or Donald Trump (R) will become the 45th president of the United States. The overall sentiment among market watchers is that with a Clinton victory, you basically know what you are getting. A Trump win, however, brings too much uncertainty.

BloombergTV hosted Wharton School of Business Professor Jeremy Siegel on this morning's "Bloomberg Daybreak: Americas," he was there to discuss his theory on the market reaction post-election.

"I definitely think there would be a short-run selloff, pretty severe, if Trump were elected," Siegel said. "That would really go against market expectations. We know uncertainty is not welcomed by the risk markets. If Trump were to be elected I would expect a big downward spike on the risk markets, on the equity markets, but I think that's an opportunity."

Siegel wants investors to remember that neither candidate is a Marxist socialist, that both believe in free markets. There will likely be a dramatic move in the short-run but the professor believes that "we aren't moving in a severe direction" for long.

BloombergTV's Jonathan Ferro questioned Siegel as to why specifically the dip would be a buying opportunity from a company perspective and across asset perspective. He also asked if a softer dollar would be supported by that story and the idea that U.S. equities would be fueled by this.

"First of all, there's a question that if Trump is elected, does he have Congress behind him? I would say no," Siegel responded. "He cannot unilaterally, now he does have some power: executive orders on trade, but not unilaterally dismantle NAFTA or many of these trade agreements."

In order to do these things, Trump would have to go to Congress, which Siegel says would be "very skeptical" even with a victory and a Republican house and Senate. Siegel also expects the dollar to decline on a Trump win due to the "nervousness" abroad.

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