Wall Street: Denial, fear, acceptance

On the CNNMoney Market Briefing this afternoon, here are the three latest headlines:

At 3:29 pm, "Investor worry: No election winner"

NEW YORK (CNN/Money) - As if near-record oil prices, a sluggish job market and jitters about the economy aren't enough, investors have been worrying about something else: another prolonged dispute over who's president after Nov. 2.

At 4:47 pm, "Stocks election jitters"

NEW YORK (CNN/Money) - Stocks ended mixed Tuesday, abandoning gains in a late-session reversal as investors reacted to speculation about the outcome of the presidential election.

At 5:05 pm, "A bullish case for Kerry"

NEW YORK (CNN/Money) - A John Kerry victory might be good news for Wall Street, despite what your average banker tells you.

There are a number of elements to the bullish case for a Kerry presidency. Kerry's vow to aggressively cut the deficit and roll back certain taxes might slow consumer spending and keep interest rates low, which would lift bond prices.

In addition, Kerry's pledge to increase tax breaks to the middle class could fuel consumer spending, help the economy along, and lead to stock gains.

If Kerry wins outright tonight, it'll be "Happy Days Are Here Again," on Wall Street in the morning. Just a little Vega stock tip for ya. Do with it what you will.

I'm still trying to avoid the exit polls, but I hear OH and PA are looking pretty encouraging, and that's what Wall Street is reacting to, I venture to guess.