>>The Programs are maintenance bets against positions staked out<<
That was your grandfather's program trading. Program trading of over 50% of all shares traded on the NYSE is not "maintenance bets". If they just run the market for the last two weeks before the election they could make a big difference in some voters minds.
<<<<<<<<<<There is huge cash available and a dwindling supply of shares....<<<<<<<<<<
That only deals with the supply side. Demand is a different factor and I think the weak point in your analysis. You assume a constant demand for equities in the mid to long term apart from market maker manipulation/scalping. Just doesn't work out that way in the real world. Every downtick is not market maker obfuscation/stealth accumulation. Sometimes it's due to an aversion to equities in general or that equity in particular
Market Data 
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