Is "sell the news" dead? Possibly. A couple things happened that I did NOT anticipate, although the general path of the market was roughly on track up until about 20 mins after the close today.
1) A new high has been made on the futures (I speculate this is a stop sweep though). I had thought the high would be in on election night.
2) The market did not gap down.
3) Tomorrow, the lows of today have to be taken out, and that seems unlikely.
All in all, I'd say sell the news is alive but on life support. Tomorrow we'll have to see the market break lower. Distribution would have to come in on Thursday, or more likely, on Friday.