The ‘94 wave election heralded one of the great bull markets - maybe this one can do the same.
I think this is the only thing that is keeping the market from tanking completely: the polls that indicate the Republicans are going to take control of at least the House.
However, if the market (and the economy) takes off, then you can say hello to President Obama in 2012. Most people vote their pocketbooks, and they don't care about anything else. That's a large part of what kept Clinton in office in 1996 (although I think there were other factors).
I think the two reasons the crats will lose the house are healthcare and stimulus.