Stocks recovered from an ugly start Thursday but couldn’t erase all of the day’s losses. The Nasdaq lost 0.5%, an improvement from a 1.5% skid early in the day. The S&P 500 fell 0.4%. The IBD 50 slid 0.6%. Volume fell on the Nasdaq but rose on the NYSE, slapping the S&P 500 with a distribution day. With the uptrend beginning its fourth session under pressure Friday, the climate does not favor risk taking. Waiting could provide clarity.