Pause ... and then strike. Animals do it ... even household cats do it. Hunters do it as they pause while slowly pulling the trigger.

Here we are 33 days from the election, and just hours from tonight's debate. And ... what is the market doing? As you can see from today's chart, it is pausing.

Our Ratio of Very Strong Stocks to Very Weak Stocks is low and pausing. It's has a slight positive bias, but not so high that it couldn't change to a negative bias just as easily.

If the waiting game is about the upcoming election, then the market could show some serious movement if there is a "clear winner" tonight. If the waiting game turns out to be about Spain, Iran, or some other issue, then we will just have to wait.

However, one thing is clear ... when this ratio finally has its jump (in either direction), the culprit behind the waiting game will be revealed and you will then know what Institutional Investors and big money are concerned about.