There are also some sectors -- health care, natural gas and technology -- that should do well regardless of the outcome of the election. 

Here's a look at Fidelity Select funds poised to benefit from the possible scenarios.

If Obama wins ...
President Obama knows the need to fund innovators who can drive down the rising costs of health care. Manager Rajiv Kaul at Biotechnology (FBIOX) invests in companies involved in the many aspects of biotechnology products and services. This fund has innovation in its DNA.

Low interest rates create a springboard for a full-blown housing recovery. Any attempt to thwart such easing in the very near-term could diminish the tentative momentum that is building in the housing space.

At Construction & Housing (FSHOX), manager Holger Boerner owns companies that design and construct much residential and industrial real estate. He may also invest in real estate development, and home construction companies.

At Environment & Alternative Energy (FSLEX), manager Anna Davydova invests in companies involved in hazardous or solid waste treatment and disposal, and asbestos clean up. She may also invest in engineering and construction companies that handle waste and pollution control.

At Industrial Equipment (FSCGX) co-managers Steven Bullock and Borys Kuroschepov invest in companies that produce capital equipment, such as farm equipment and computers, as well as companies that supply parts and sub- contractors.

If Romney wins ...
At Chemicals (FSCHX), manager Mahmoud Sharaf focuses on companies involved in chemical processes industries, such as diversified and specialty chemicals, agricultural chemicals, and industrial gases.

At Defense & Aerospace (FSDAX), manager Douglas Scott invests in companies involved in the research, production, or sale of products and services in the defense, military, and aerospace industries. 

With everything "drill, baby drill" giving some wildcatters a potential thrill, I like the prospects for Energy (FSENX) under a Romney win.

Manager John Dowd owns the gamut: conventional energy such as oil, gas, electricity, and coal, as well as those involved in newer forms such as nuclear, geothermal, oil shale, and solar power.

Financial Services (FIDSX) is one of the most sensitive sectors to policy makers and policies,  and this fund would likely benefit from a belief that a Romney win would mean less costly regulation.

Regardless of who wins ...
Finally, some sectors -- such as health care, natural gas and technology -- will likely benefit no matter what the election outcome.

At Healthcare (FSPHX), manager Eddie Yoon owns companies involved with the design, production, or sale of health care or medical products and services. Foreign investments make up 13.1% of the holdings.

At Natural Gas (FSNGX), manager Ryan Oldham invests in companies that produce, transmit, and distribute natural gas, as well as those that provide products and services to the natural gas industry.

Both President Obama and candidate Romney are tech savvy and will champion this sector's growth in the coming years.

At Technology (FSPTX), manager Charlie Chai owns the box makers, chip purveyors, software instillers, networked and wireless providers.

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