The market is choppy, sloppy and doing little as everyone seems to be on hold for the results of the election. Breadth has moved to slightly negative from nicely positive early in the day, FAANG names continue to see pressure and Natural Gas (UNG) and Consumer Staples are leading.
While the election result are already discounted to a great degree already, market players will still reaction to the news anyway. Even if nothing surprising does occur, this is a market that is driven to a large degree by a program trading that is triggered by news headlines. The news doesn't have to be anything surprising to produce a response.
Flat and dull markets are often good for trading as some pockets of action will develop as bored traders gravitate toward stocks with relative strength. That is not the case today. The trading action is very sedate as there is a paucity of both position trade setups and intraday volatility for day traders.
Real Money's Stock of the Day, Marriott (MAR) reports earnings tonight but this is a very tough setup right here. The stock bounced off support and made a good sized move right into overhead resistance at the 50-day simple moving average at $122.75. Expectations may not be very high but this is a very tough situation to chase unless there is a real blowout report.
If you are interested in Marriott it is probably better to stand aside until after earnings and see how it develops. This is not the sort of stock that is going to run away to the upside quickly and the chances of a "sell the news" reaction is very high.
This just isn't a market that is offering many opportunities right now but that should change after the election is out of the way.