Futures are moderately higher this morning in the wake of Friday’s meltdown and on the eve of historically consequential midterms.

While Democrats are almost certain to take back the House, the odds of Senate control are much closer: ranging from 60 – 80%.

Should Dems win both, look for markets to do even worse than last week. The current administration has been extremely friendly to business, particularly big business. But, it’s been quite mixed and much will depend on what happens with oil/gas prices which remain stubbornly high and will go higher if reports of a ramp up in military action in the Middle East are true.

continuing…