One thing we’ll be paying attention to as vote totals roll in is location. Context matters. If President Obama is carrying 50 percent of the vote in Fairfax County, Va., the confetti will be flying at Romney campaign headquarters. If Mr. Obama is carrying 50 percent of the vote in Virginia Beach, it would be the Obama volunteers celebrating instead. Fairfax County is heavily Democratic, and Mr. Obama likely needs a large margin of victory there to carry the state. The same is true for Mitt Romney in Republican-leaning Virginia Beach.