It is ugly out there.
Earnings Thursday night from the big-cap technology stocks were not that bad, but there simply is no motivation to put cash to work right now with the uncertainty of the election looming. The big problem is that the selling is taking place in a black hole with no bids.
Breadth is around two to five negative but the major issue technically is that the lows that were hit on Wednesday are not holding. Thursday's dead cat bounce died very quickly.
I don't want to be repetitive but it is painfully obvious what's going on right now. We have no clarity about what will happen next Tuesday. There may be a decisive winner or there may be a contested election and the tumult that may bring. No one can predict for sure at this point the outcome so there is little choice but to be careful.
The positive spin is that the election will eventually be resolved and there will be some very good stocks that are being unfairly punished right now. They certainly can go lower from here and we still have more trading before election news hits so there is no rush to dive in and put precious capital at risk.
My game plan right now is to take some stops where I need to and be ready to pounce on favorite names once conditions change. Most importantly, I'm not going to try to anticipate when conditions will be better. I'm just going to wait for improvement and clarity and then act.