The money is flowing back, flowing back to the Colgates (CL) of the world and I think that's the beginning.
When Nvidia (NVDA) and Caterpillar (CAT) blow up you can do one of two things, you can sell everything related to these two, or you can say, okay, what's being brought down by the ETFs and scalpers that shouldn't be.
Right now it is too soon to figure out what's not so bad in China, namely aerospace. You buy a Honeywell (HON) or United Technologies (UTX) or even Boeing (BA) , which reports Wednesday, and you are going to have a cliffhanger. But for Nvidia you buy the companies that have told you things have bottomed, like Lam Research (LRCX) , or you buy Xilinx (XLNX) which is linked not to gaming or crypto mining or data center but 5G and defense.
Or you can go another whole way and just go buy Procter & Gamble (PG) which reported a terrific quarter and could be pulled down by the S&P going lower.
Those are the early thoughts. More later.