Editor's note: This article originally appeared at 5:58 a.m. on Nov. 9 on Real Money, our premium site for active traders. To get great columns like this from Jim Cramer and other top columnists earlier in the trading day, click here.
Do you sell it or buy it?
Of course, it depends on the level. But we can at least recognize that the stock market was trying to get its arms around a possible Trump win ever since FBI Director James Comey came out with the new batch of emails that re-opened the Clinton email server.
We had nine straight down days, the longest streak in years, and then we tacked on a couple of percentage points when Comey repealed his surprise, so you know we have to give that Monday and Tuesday rally up as it was based on a Hillary victory.
But here's the real issue here. When we look at what Trump has talked about economically -- not about lifestyle -- but economically, he wants his cake and to eat it too.
He wants lower taxes. He wants more growth. He wants less globalization but more trade. He wants other countries to take our goods and he wants to retaliate against them for taking our markets. If he got his way, it would be amazing for American business and you could see why you would want to buy everything that's involved in world trade.
Except, that's the real issue: we have negotiated a tremendous number of trade deals that have helped our international businesses. If Trump pushes that agenda, I could count 17 stocks out of 30 in the Dow that would suffer from potential retaliation and a shrinkage of world trade.