Look Sharp!

 | Nov 07, 2012 | 1:33 PM EST
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Romney voters don't have much to be happy about today, but some view the poor market action as confirmation that four more years of Obama will be bad for business and the economy. While I can understand that argument, I suspect the market had more downside coming no matter who won the election.

No politician has an easy or simple solution to problems like the fiscal cliff, the giant budget deficit, or entitlement spending. Any effective solution will inflict some pain and it looks like the market is preparing for that now.

I'm trying to avoid wallowing in the political aftermath. It is very easy to let the political debate mislead you, especially if you are unhappy about the election results. I'm making an extra effort to focus on the price action and to watch for developing themes and trends.

Obviously, the downtrend that started in September is gaining momentum. I always respect the trend and avoid bottom fishing, which means that I have little choice but to be mainly in cash. I'm going to stay that way until there is better action, leadership or tradable themes. I'm always looking for quick flips, but there is no way I build longer-term positions until the market acts better.

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