Quick stat: Since $SPY launched in 1993, we've seen 6 midterm election cycles. But only 2 of those actually delivered the classic "midterm rally" everyone talks about.

The setup matters more than the pattern. Don't just fade or follow based on calendar effects—watch positioning, policy clarity, and whether the outcome removes or adds uncertainty. This time, with tariffs, Fed policy, and tech regulation all in flux, the post-midterm playbook might not run like the textbook says.