The mid-term election and the Fed's November meeting should clear away some uncertainties hanging over markets but may also lead to a new period of heightened volatility. The coming week is likely to go down as the biggest of the year for markets, in terms of potential course setting events. Besides the Tuesday election and Wednesday Fed meeting, the week is capped Friday by the important October jobs report, and there are dozens of major earnings reports in between. Traders will also be watching for new developments in Friday's security scare, related to a plot to send explosives in cargo, bound from Yemen to the U.S. Stocks were barely changed in the past week as the markets meandered ahead of the election and the Fed meeting. Republicans are widely seen taking control of the House of Representatives, while Democrats are expected to retain control of the Senate. The expectations of gridlock has so far been taken as a positive by investors.