Watch financial, consumer stocks closely, says analyst

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STORY: "One of the places I think that's important to keep an eye on for the view on....risk sentiment in general, but also on the election is the financial sector," adds Ross.

He also encourages investors to pay close attention to consumer staple stocks versus consumer discretionary ones. If staples stocks started doing better than discretionary names, "I think it would be maybe a canary in the coal mine that that something more ominous was on the horizon," said Ross.