Market indigestion

I'm on the sidelines until things quiet down a little. Some major rumor or news is coming out every hour. This afternoon, the market has to digest the CNBC rumor that the ban on short selling may be extended, Ford had a terrible September, and GE is issuing more shares or something. Technical analysis is next to useless in this news driven environment and you can't tell if a pattern is being formed by supply and demand or driven by news.