I can't say anything good about this market. The direction is clear: down. Good news are ignored, bad news crush market.
Technicals are bad. Nasdaq Composite broke under 3000 yesterday and confirmed it today. And this is the only index that matters. Even S&P 500 is not that important, and Dow Jones doesn't matter at all.
Earnings season isn't that bad. Yes, several tech dinosaurs missed earnings. Who cares about IBM (IBM)? Or Microsoft (MSFT)? Even Intel (INTC) is not that important (and I still have long position in it, my bad). Google (GOOG) missed, but they are trying to turn company in the new direction now. They might succeed. But what a row of great earnings! ARM (ARMH), Facebook (FB), VMWare (VMW): that's new tech for you. Or such companies as DSW (DSW), Polaris (PII)? Never mind. Stocks are popping up after earnings report and then everybody forgets about them.
They say it's about elections. New idea on Wall Street is that Romney is bad for stocks. OK, why the $@&$ they spent many billions supporting him?
Doesn't matter. Nobody knows the future, I don't know what is going to happen in January. But for now, market direction is down.
Maybe I will buy some protection. Not sure. But most probably I will increase my position in successful stocks, like PII and FB.