Obama Slide?

A capital gains tax increase is weighing on Wall Street. Will equities hit the skids with an Obama victory or is a win already priced into the market? You must think that it's priced in. In fact I would feel pretty confident that we'd get a very healthy bounce up if McCain wins.
When Biden spoke of their new administration getting tested within the first 6 months was he referring to a market selloff rather than an act of terrorism?
It's too risky to hold much more than 30 to 40% in equities. Maintain cash and treasuries and wait for the election to shake out and for the indexes to get healthy.