There is some disagreement over how the recent market action should be characterized. Some call it a bear market, some call it a correction and others just use a lot of profanity. However, everyone agrees that it is very poor action and sentiment is extremely negative although there are still some bulls harboring hope for a bounce.
The most important thing to know about terrible markets like this is that the individual merits of stocks don't matter. Selling tends to take place on a macro level which means that stocks are dumped as a group without regard to whether they are good, bad, cheap, expensive or anything else. When someone wants out of this market they sell the S&P 500 ETF (SPY) and that means all 500 stocks in the index are sold. There is no picking or choosing.
As long as the indices remain under pressure there is no benefit to picking stocks. It is better if you spend your time trying to play bounces in the indices instead. In fact there are some signs right now that there has been enough capitulation to produce a snapback but I'm not in a hurry to trust this market.
When the indices finally start to find some support and build a base it will be time to focus on individual stocks again. First the indices and then the stocks.
I'm excited about the mispricing that is taking place in individual stocks due to this market correction. Sectors like biotechnology and oil have been destroyed because the sector funds have been dumped wholesale. The pickings among the debris will be great for stock pickers.
An example of one individual name I've been tracking for a while and have mentioned here often is Aimmune Therapeutics (AIMT) . It is up nicely on the failure of a competitive product and a potential new use for its main product. For a change the strength isn't being sold.
There was no real reason for this stock to drop over a 1/3 recently but that is what happens in a market like this. There are many other names that will eventually come back but right now this is no market for old stock pickers.