Romney election might have been less of a sell off. But how much less? No one can say.
I think it is pretty clear among business leaders that most felt Romney was better suited to handle the economy. This is true not just among US business leaders, but European as well.
That being the case, and in view of Europe's direct and indirect dependence on a healthy US economy for their own success, has lead, IMO, to a lack of confidence in Europe as to their own issues.
I also think that there is enough volume of money moving out of the US markets by people trying to protect assets since Obama has been re-elected that is has had a bearish effect at home.
People with money by in large do not trust Obama with the economy. Moreover, they don't trust that he will not try to go after their assets in one way or another. As such, they are moving money.
Businesses also have a lack of faith in Obama, and now have a full recognition that Obamacare will be implemented. This will lead to more business expense. This means less stability in corporations and people don't want to invest their money in instability.
While I will admit that the market slide is not totally due to Obama being re-elected, I think it is certainly a driving force.