The 401K theory is hogwash. I do agree that the GOP could have more aggressively sought out the investor class with a capital loss provision, the elimination of double taxation on dividends, and a reduction in the capital gains rate BUT everyone knows that the Dems would never support any of these measures, let alone propose them. Investors support Republican policies by a fairly wide margin and the market is hoping for a GOP victory.
I don't buy the 401K stuff but that was his theory from a while back and evidently, he is sticking with it. He also has an anti-incumbent theory which is why he lumps them together.