Many on Wall Street are increasingly convinced that Barack Obama will win the election.

On the eve of the election, many financial professionals on Wall Street believe that Mitt Romney has lost the election. In phone conversations, email and instant messaging exchanges, and text messages with over 20 people in different jobs on Wall Street today the message I picked up was almost universal: The president will be re-elected tomorrow.

Many of those with whom I spoke—all of whom spoke on the condition of anonymity—had a sense of resignation about this forecast. They were Romney guys. They ate at expensive rubber-chicken fundraisers in midtown hotels, they coaxed friends and coworkers into donating to Romney and Republican campaign funds, and just a few weeks ago they were enthusiastically predicting a victory for Romney.

Not any longer. The word that comes to mind is: capitulation. The sudden and simultaneous collapse of hope that we sometimes see in markets just as they reach their lowest points.