‘Too Many Wildcards’ to Call Clinton, Trump Election: Valliere

But any chances of Clinton's plans to hike taxes on the wealthy will not make in through House Speaker Paul Ryan and the Republican-controlled House.

Political uncertainty aside, "for investors, the big story is that the fundamentals look pretty darn good," Valliere said. Noting that the Federal Reserve has not held to its promise of four rate hikes this year, Valliere sees the weak Friday morning jobs report signals that the Fed will not hike in September. "I think the December [rate hike] scenario has picked up a lot more adherence after this morning's employment report," Valliere said. Federal Reserve Board Chair "Janet Yellen is the most dovish Fed chairman of our lifetime."

Andy Friedman of The Washington Update noted in his recent commentary that amid the election frenzy, Congress comes back from its August break facing pre-election pressure to fund the government by Oct. 1 to avoid a shutdown.

While leaders of both parties are angling to avoid a shutdown prior to the election, "some House conservatives are balking at continuing the current funding compromise reached last December, which they see as failing to rein in spending," Friedman said.

In the final analysis, The Washington Update believes Congress "will pass timely legislation to fund the government for a short period, perhaps until the post-election lame duck session or into 2017."

However, "the possibility of a congressional failure to act cannot be dismissed. If it becomes apparent that Congress will struggle to pass funding legislation, late September could be a volatile time for the markets," he continued. "Failure to act also could factor into a Fed decision to postpone an interest rate hike in September until the turmoil passes."

— Related on ThinkAdvisor:

• Can Markets Predict Presidential Elections?
• Morning or Midnight in America? 9 Questions for the Presidential Candidates
• Clinton vs. Trump: 2 Wildly Different Tax, Economic Plans