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We're just a day away from the midterm elections, and the big question on everyone's mind is what Congress will look like in January. Whether the long-term bull market will derail is one question. Additionally, a lot of progress of the last couple of years has been attributed to tax cuts and deregulation, lowering expenses for companies and increasing defense spending, according to Andrew Crowell, vice chairman of wealth management at D.A. Davidson & Co., an investment company. There's no point in trying to do anything before the election, aside from seeing market outcomes as potential opportunities. Take health care. Republicans were unable to repeal and replace the Affordable Care Act, so the ACA is still the law of the land. "However, if we see a red sweep of any substance it's quite possible we could see real gyrations in the health-care market," Crowell said. "Insurers typically don't fare as well, because they take the brunt of price caps," said Crowell. "But health care is also a fantastic high-growth sector. "The convergence of science and technology bring life-saving solutions unlike anything we've seen before."

Keep your shirt on

But that doesn't mean you should rush off to adjust your portfolio for infrastructure or technology. Even in the face of an incredible, unpredicted outcome, it will still take time for new political leaders to formulate and assemble a strategy. No matter your age or how close you are to retirement, recognize that your savings time frame is going to include a lot of elections, and a lot of election surprises, and probably several bear markets. If you're younger, you should probably welcome market volatility. "The stock market is one of the only commodities where people get depressed when it goes on sale," Crowell said. Younger investors may not know the Warren Buffett hamburger analogy. It goes like this: If you love hamburgers and the price drops by 20 percent, wouldn't you really love a hamburger? "A young investor who is committed to systematically investing through ups and downs should celebrate," Crowell said. The power of compounding has many years to work in your favor. When the market dips, you'll be buying stocks on sale, which will have substantial power. Remember: buying high and selling low does not work.

Closing in on retirement