I think you're misinterpreting who the sellers were/are. For example, I have accounts with three large brokerages and in none of them have LINE units been available for shorting in the several years I've owned the units. And there've been times I'd have done it for a quick trade. (I don't know about LNCO, though.) The sellers were/are those concerned about future MLP taxation policy and the fiscal cliff as well as profit-takers who saw the whole sector getting hammered.
Raising taxes slows the economy. Layoffs due to the Obama win and his extreme positions and been more than originally forecast and continuing. Also it is pretty clear the government data leading up to the election were goosed to look better.
Assuming getting through the cliff lifts Obama uncertainty from the market is not logical. Obama care, Franken Dodd, EPA regulations, ethanol mandates are still to be implemented and no one really knows what it all means.
Maybe we would bounce off a deal or maybe not. But economic growth estimates seem very high to me.
The Fed has engineered strength in housing by high manipulating the mortgage market. That is a powerful positive force which could have significant unintended consequences. But, individuals do not buy homes unless they believe their employment is stable. Raising layoffs due to the Obama win still needs to be factored in.