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Cramer: We're Entering a World of Unknowns

Posted at 4:13 p.m. EDT on Wednesday, Nov. 9, 2016

Far be it from me to throw cold water on any rally, relief or otherwise. But a week from now, we will probably not be talking about a magnanimous Donald Trump and a gracious Hillary Clinton around here. We may not remember that this week's rally so far, 3.5%, is the strongest of 2016.

No, I am not saying they will be pointing fingers any more or trash talking every minute. I am saying we will be stuck in a world of some unknowns that will be a source of anxiety and therefore selling, and not comfort and therefore buying.

When the euphoria dies down, here's what we will be thinking about.

First, how independent will the Federal Reserve be of President Trump? Will Janet Yellen finish her term? Will Trump break with protocol and denounce the Fed for keeping rates recklessly low? That's a bad headline.

Two, we think Trump will greenlight mergers because they are good for business, but what if he says they are anti-competitive and he'll appoint people to block them, like he wants the Time Warner (TWX) -AT&T (T) tie-up blocked? Maybe he puts a stop to the big health care mergers like Humana (HUM) -Aetna (AET) and Cigna (CI) -Anthem (ANTM) , which are already being contested by the Justice Department? M&A has been a major prop of this stock market.

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