If Trump loses the results will be contested in some way until at least January. Trump is not a person capable of conceding, no matter the facts. During those months a lot of things could happen to scare the markets. Riots, terror attacks, talk of a coup, arrests of government officials, etc. Be hedged and prepared to rebalance during this time.
If Trump wins, markets may go up in the short term on the certainty of tax cuts, full fledged money printing, and negative interest rates. However they could also go down if by that time the pandemic, (rather than just the response to the pandemic) is having a severe economic impact and people are pissed about the lack of leadership. A side effect of a Trump win might be the splintering of the Democratic Party, which would lock in Republican rule for a generation or more. One-party states like Russia, Turkey, and China don’t tend to reward their investors or currency holders in the long term.