The simple fact of the matter is that while Democrats lost seats, 3 to 4 in the Senate and 4 to 5 in the House (one race in each is subject to recount), the change is far below average for off year elections for the part in power
With very few exceptions, since the founding of the state, the party of the President loses seats in the state house in the next off year election. The House is a better state weather vane since only half of Senate seats are up every two years.
At this point in time, under Democratic President Obama, House Democrats have lost 4 to 5 seats and still hold a commanding lead in the state house 57 to 41 - a sixteen vote margin.
In previous off year elections the party of the President has seen bigger losses. in 2006, the Republicans in the Bush era lost 7 seats and in 2002, 3 seats.
In the Clinton days, Democrats lost 27 seats in 1994 (1998 and 1990 appear to be anomalies probably because the previous tide was so big against the party of the President) . In 1986, under Reagan, Republicans lost 20 seats and in 1982 they lost 11 seats.
During the Carter year, 1978, Democrats lost 13 seats and in 1974 under Nixon, Republicans lost 5 seats. In 8 of the last 10 elections, the party of President has lost seats and the average is 10.4 significantly higher than 2010.
Despite the horrible recession and the off year election of the party of the President, Democrats did pretty well.