There is an old market theory that May through November is the weakest part of the market, and November through April is the strongest part of the market. Although I do not believe in market timing; historically about 77% of the time this has shown to be true.
Many retail investors are still in cash or have taken false refuge in fixed income. With a dangerous overhang of capital loss in the bond market and cash having a negative return, equities look very attractive at this point of seasonality.
Yes, we still have a wall of worry in front of us such as: who is going to be President, the impending fiscal cliff and the usual market unknowns. However, equities are still undervalued based on historical averages and as long as rates stay around these levels, equities are the only way to grow a portfolio. The climate of uncertainty will not immediately change with an election next Tuesday, no matter who wins. Problems we are facing now will remain and the solutions from either candidate will be similar. Fixing the fiscal cliff is more important that who is elected. Then, the impending debt bomb will have to be dealt with.
The market is the great humiliator, so having your portfolio highly diversified with a discipline of rebalancing is the only answer to waiting to see election results or the probable delay of the fiscal cliff. The market never forgets that over the last twenty years the direction of the averages has been up. Investors only remember the down years.