Markets discount what’s to come. People put their mouths, or fingers to the keyboard, in support of where their money is. And there is nothing like the threat of losing money – or making money, although the fear of losing money is apparently more powerful as a motivator for us frail human beings – to focus the mind, and force a decision. Given the information you have available.

The S&P has been down for about 3 months now. And there has been a 9-day consecutive losing streak for the index as of Friday November 3rd. That means a lack of optimism on the economy. And even the possibility of a recession. But it is also a clear indication of nervousness on Wall Street over a the very real possibility of a Trump victory.

Why? You would think Wall Street would welcome Trump’s promised tax reforms – lowering corporate and income tax rates – as well as his promise to cut regulations and support conventional energy production. It seems, however, that the compliance daemons who work and plan their corporations routes through the mazes of regulations and taxes are not happy. Could it be that big finance fears reform? Yes, fear of uncertainty is the standard answer for the political element to the market swoon, and there is something to that. But Trump has been for more granular on his economic policy proposals than he has on his foreign policy proposals, for example. Why such fear of his presidency? Especially when economically, most of his policies are business friendly.

Oh yes. Trade. And perhaps a drying up of international flows of capital as a result of showdowns with China or even Europe over trade rules. To say nothing of NAFTA. Trump threatens to re-write the rules on trade, and just the threat of that – regardless of how much he could do, or would even want to do, as Chief Executive – is also enough to worry markets.

And is it also that Wall Street – as in the movers and shakers who live and work in NYC and surrounding areas – know and dislike Trump? Is it also personal on a scale we haven’t seen before – especially for a pro-business GOP candidate? That seems a little petty perhaps. They are all about the money, after all. But what is undeniable is that Hillary has courted Wall Street shamelessly. As a candidate, and previously as a Senator. And through her and Bill’s web of charitable companies, as a Secretary of State. The compliance class, whether at an investment bank or at the EPA, consider Hillary their ally and friend.

All this may have something to do with the swooning markets. But in the end, markets are about the money and the economy. And it seems that the markets have had enough of Obama’s slow-growth, high-tax, big-regulation economy. Markets are predicting a significant downturn in the economy. And something over 85% of the time that that has happened, the incumbent party has lost the general election.

So maybe markets are indeed nervous about a Trump presidency. But they’re also sick and tired of Obama. And Hillary is essentially a promise to double down on Obama’s high-tax, big-regulation economy. Markets have had enough. Have voters?