The market feels like it's waiting for something today. Buyers are standing aside and have limited interest in putting cash to work. Maybe it's tonight's debate that is creating uncertainty or maybe Deutsche Bank (DB) and the memories it invokes are the issue.
There are some convenient worries and the market is embracing them more tightly today than it has in a while. So often we shrug such things off very quickly and that produces comments about how the market doesn't seem to have a memory.
Perhaps this resolves itself tomorrow, like it has so many times before, or maybe the debate will be used as an excuse for even more selling. There is no way to know so we are forced to wait and see if maybe the bears may finally gain a little traction.
I've been forced to take a few stops today and haven't made a single new buy. There are still stocks that look to be developing in a positive manner but there isn't much reason to buy them in this market environment. We either need a further washout or a surge of momentum. When we are drifting with a negative bias, as we are now, there isn't much to do but stay disciplined and take stops when required.
My approach on a day like is to simply monitor some stocks of interest like Energy Recovery (ERII) , Aratana Therapeutics (PETX) , TPI Composites (TPIC) , SORL Auto Parts (SORL) , Radcom (RDCM) and Array Biopharma (ARRY) .
I may not be buying them today but I'll be ready as market conditions shift.