Wall Street, broadly rooting for a win by George Bush, will be riveted to tomorrow evening’s presidential debate. That’s hardly a shocker, since the event could have a major influence on both the November election, as well as on the market itself, Stocks, in effect, could get whacked as a result of the debate, especially if Mr. Bush stumbles or John Kerry turns in a much-stronger-than-expected showing that might appreciably boost his poll numbers.

Some pros take it a step further. The debate, several believe, poses a clear and present danger to the market that could damage its near-term results.

As for the election itself, Wall Street opinions vary markedly on the impact. For example, one school of thought, as expressed by Fred Dickson, chief investment strategist at D.A. Davidson & Co., Great Falls, Mont., is that it’s irrelevant who wins in November on the theory that a possible Kerry victory wouldn’t come as a shock and is probably already reflected in the current level of stock prices. On the other hand, market guru Elaine Garzarelli echoes the view of many worrywarts who believe that a strong hint of a Kerry victory or an actual victory itself would mean lower stock prices. In her case, she believes a Kerry presidency would produce an immediate market sell-off of 4% to 7%.

As far as tomorrow’s debate goes, money manager Tom Postin of Los Angeles-based P&W Partners, a Republican, believes it’s imperative that Mr. Bush make an impressive showing since the debate’s focus, he points out, will be on his strong points – foreign policy and homeland security – areas in which he shows more strength in the polls than Mr. Kerry. He feels if for some reason the Massachusetts senator can make headway on the foreign policy front in the debate and is perceived as the clear winner in the war of words – which he doubts – he believes the market would undergo a nasty sell-off.

Mr. Postin is also skeptical that the planned January elections in Iraq will take place, given the ongoing chaos there. “It’s something you have to keep your eye on,” he said. “I hope I’m wrong, but if I’m right and the market begins to believe the Iraqi elections are off, we’re looking at real troubled times ahead for stocks because the Mideast risks would only worsen,” he added.

Marcus Raab, chairman of London based Raab Investments, thinks if you own an American stock – his global investment firm owns nearly $140 million worth – you must watch the debate. He reasons that any stumble by Mr. Bush as it relates to Iraq would be a big edge for the Kerry camp and hurt the market. To suggest that a Kerry election win is irrelevant to the stock market is absurd, he said. “Wall Street,” he added, “wants more of what it has now, not someone who may seek to do away with pro-growth tax cuts, and any indicated political scenario to the contrary would cast a pall over the market.”

Meanwhile, one top Merrill Lynch strategist who also rates the debate as a relevant and potentially risky event for stock investors, thinks a standoff is okay as far as the market goes, but he believes that “Mr. Bush cannot afford to lose because if he does, the market will also lose.” Asked that he not be quoted since the subject involves politics, the strategist feels Mr. Kerry is unlikely to win the first debate because of the subject matter. He notes, though, that he could always be wrong since Mr. Kerry is a strong, skilled debater who is likely to give Mr. Bush a run for his money. “But if he gives him too much of a run for his money,” he adds, “look for the Dow to dive a couple of hundred points.”

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BURGER FANTASY: For the city’s hamburger lovers, it was a burger bonanza – chilliburgers, bacon burgers, mushroom burgers, cheeseburgers or regular hamburgers, each for just $1.20.The scene was one of the Big Apple’s most famous saloons, P.J. Clarke’s, which last Sunday offered these burger bargains (they normally range in price from $8.20 to $9.15) in conjunction with its 120th anniversary. The promotion was a smash, drawing more than 1,000 customers in what was the jammed saloon’s busiest day of the year. Owner Phil Scotti figures the restaurant sold about 1,500 burgers that day. Business was so brisk, in fact, that he pitched in and waited on the tables. All nonburger prices remained the same. If you missed out, there’s always next year at the 121st anniversary, although the price of the burger, I’m told, will rise to $1.21.