Even though November 2008 was a much different market environment than November 2012, it's worth noting that equity markets sold off pretty hard after Obama was elected in 2008 too. The volatility surrounding the financial crisis was extreme, but leading up to the election the S&P 500 had found some footing rallying from 850 to 1000.
Following the election the S&P lost 25% in 13 trading days. On November 21 the S&P 500 made a near term bottom that would last until February 2009. There was a big intra-day reversal when it was leaked that Tim Geithner would be Treasury secretary. Four years later, as we wait to find out who his replacement will be, maybe that person could spark a rally of her/his own.