It's far easier to pick the winners than the losers

There are clear winners in a Donald Trump Presidency and Republican-controlled Congress. The Aerospace and defense index is up 2.9%. Pharma is surging.

The losers aren't so clear.

He's hinted at taking on Washington and the tax code and a multitude of other things but aside from Mexico, he hasn't picked direct targets. So if you're long companies that depend on trade and tax loopholes then maybe you can hold your nose for the moment and hope for the best.

Here is what Credit Suisse writes, after saying they remain constructive on equities.

"Most of Trump's more troubling policies (on immigration, protectionism) are likely to be toned down, and some of his policies can be seen as positive for equities (more fiscal spending and a cut in the corporate tax rates). Thus, we can envisage a set of circumstances under which this election result is positive for equities, although we would caution that markets tend to overreact to political shocks. Reflecting increased uncertainty, we take down our mid-2017 target for the S&P 500 to 2,2000 from 2,300. In a worst-case scenario (if Trump were to implement all of his proposed policies) the S&P 500 could fall 10% -- but we assign a low probability to this."

Here's more on why I think gains in stocks won't last.