Preservation Hall was founded in 1961 to 'preserve, protect and perpetuate [New Orleans jazz].' A fitting mission statement for one's retirement account as well.
Last week's 5% rally in the SPX (IMO largely driven by trapped shorts) presented/still presents an excellent opportunity to pare back on risk.
For those who employ a tactical approach to markets, a rough map to study over Sunday brunch might look something like this:
(a) A retrace in the SPX next week to the 1900 range (which would present a short-term buying opp).
(b) A rally into mid-term elections (which would present a short-term selling opp).
(c) A more sustained decline into December, which may even approach Desolation Row (certainly a buying opp).
(d) A rally into January.
Of course, the market (ie, the collective emotions of tens of millions of homo sapiens) will do what it wants regardless of any map. On the other hand, few participants have shown much success defying human nature.
On a side note: Brazilian equities rallied on Friday, blocking any low-risk entries ahead of today's election. The next opportunity might be Monday's open, fading investors' responses to Sunday's outcome.
Monday Postscript: If you've been waiting for an entry into Brazil, this is it. A Dilma Rousseff victory has the Ibovespa selling off -5.8%, giving back its entire summer rally. EWZ (Brazil) -8%, at one point breaching last February's low of 38, PBR (Petrobras) -16% to 10.90.