We just need to get past the midterm elections. Just need to put them behind us so we don't have to think about them anymore.
I write that because I genuinely believe, as I said to Katherine Ross in our floor video, that any resolution is going to be viewed as a chance to buy.
For example, if the House goes Democrat we get gridlock and people are conditioned to buy on gridlock. If the House stays Republican then we know that we could see a definitive rally in defense stocks which have been kept down by fears of a Democratic win, but otherwise it would just produce relief.
Relief is a powerful concept.
Now let's understand that we will then be possessed, again, by tariffs and by the Fed, and possessed means that we have more reasons to do nothing.
However, we won't get much new until the end of the month and that is a long time from now.
If we take away one thing, though, from this latest raft of conference calls it's that many companies are very concerned about 2019 and if you can have a thinking Fed that recognizes that, we may have a one and done situation that could truly stimulate more buying regardless of the results of the election.
That's not a clarion call to buy. It's a clarion call to explain how buyers might come off the sidelines once the election is in the rearview mirror but because of uncertainty it might not be an instant rally.
That means you have some time to buy. No hurry, but be ready.