Conventional wisdom on Wall Street is that stocks will rally if Republicans take control of the Senate in Tuesday's midterm elections. However, one market pro told CNBC he's not necessarily buying into the optimism.
Michael Farr, president of the investment management firm Farr, Miller and Washington, agreed that the news feels good and precedents are very positive. In fact, he said, during President Bill Clinton's term 20 years ago, the Republicans captured the House and Senate and the S&P 500 saw a 53 percent gain over the next two years.
According to most polls, Republicans are poised to gain the Senate majority on Tuesday.