It's the day after the election, and the tricky task at hand onWall Street is trying to predict what happens next afteralmost everyone failed to predict what just happened. But don'texpect that to stop everyone from trying.

It's hard to determine how volatile markets will be in the nearterm, and the longer term is even more difficult. As a Donald Trumpvictory came into focus overnight, S&P 500 futures went ajaw-dropping “limit down” with a 5 percent plunge that brieflyhalted trading. They went on to recover most of that plunge beforethe open, and the first two hours of trading looked like anotherday in the office, with benchmark indexes flat to downslightly.

Trading is now much more about gut instincts than fundamentalanalysis. The status quo is not just gone—it's been set on fire andits ashes have been scattered to the wind faster than the attendeesat all those blue-state election night parties. What will replacethe status quo is a riddle wrapped in an enigma wrapped in anill-fitting suit and a suspicious combover.Complicating matters arethe mass buying and selling of index products, which could cause atightening in correlations that may obscure trends for the nearfuture.

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