It’s been tough sledding all session long, with a little nibbling here and there, but the bias is decidedly to the downside.  Communication and Technology names, which outperformed last week and yesterday, are taking it on the chin ahead of tomorrow’s big earnings releases.

The thing is there is nowhere to hid today but in cash, which is why we raised more last week.  Gold, oil and cryptocurrency are all lower.

I accept the notion many stocks were slightly ahead of their skies, but I reject the notion great stocks are going to stay down for long. 

This is why I love earnings season.  We have been informed, and we know which companies are executing, taking share and enjoying pricing power. 

But this is more about emotions and angst associated with too many unknowns. 

We have been here enough times this year for most investors to not panic, but there is the fanning of flames.   We knew Germany would have mini lockdowns for bars and other venues yesterday, but it is being talked about like its breaking news today.

So much for all the talk that America did everything wrong and Europe did everything right. 

The main point right now is don’t take losses you don’t have to take.  Bite the bullet where fundamentals are deteriorating and have some cash because buying the dip has been an amazing money maker.