). Dividend stocks and ETFs are often viewed as being less volatile than non-dividend payers and that is true, but the fiscal cliff would mean the loss of Bush-era dividend tax cuts. Expired tax reductions equal tax increases. The resulting fear is that fewer companies will be inclined to pay or raise dividends if the dividend tax rate jumps due to the fiscal cliff. How dividend ETFs trade immediately following the election could be a tell regarding the market's view on the odds of the fiscal cliff taking place. If Mr. Market likes the result of today's election, expect dividend ETFs to participate in, and perhaps lead, a risk on rally.

, saying the impact on developing markets currencies will be "neutral." That is good news for CEW, which is an ETF that would likely benefit from risk on rally. CEW has almost $280 million in assets under management. Consistent currencies include the following: Mexican Peso, Brazilian Real, Chilean Peso, Colombian Peso, South African Rand, Polish Zloty, Russian Ruble, Turkish New Lira, Chinese Yuan, South Korean Won, Indonesian Rupiah, Indian Rupee, Malaysian Ringgit, Philippine Peso and Thai Baht.

There are several reasons why an emerging markets sovereign debt ETF such as the PowerShares Emerging Markets Sovereign Debt Portfolio will make for a useful election play. First, PCY and its rivals are income funds. PCY pays a monthly dividend, so it could be a winner in a "missed fiscal cliff" scenario. Second, a legitimate risk on rally would ignite emerging markets ETFs. The good news is PCY is already in rally mode, having gained almost 19 percent year-to-date including dividends paid. Third, as a bond ETF, PCY is not overly volatile. The ETF's year-to-date volatility is just 4.9 percent. Finally, PCY is not intimately correlated to the S&P 500. PCY has a three-year correlation to the SPDR S&P 500 (NYSE: