JPM is bullish on midterms: "SPX has been up a year after every midterm election since 1950 with an average gain of around 15%. The worst one-year forward return came after the 1986 midterms but this, of course, had more to do with the 1987 crash rather than anything going on in Washington. I suspect that at least part of the reason for this tendency is that the midterms tend to see the incumbent party loses seats and gridlock in Washington tends to be good for Wall Street."