The correction offers good respite for long term traders. At some stage the correction will play itself out. None of the things I track like Month 50% plus movers, 65 day bullish/bearish stocks are signaling end of correction.
I am sure lot of people have lost as much money on premature shorting and expecting the downside momentum to continue as they lost in the major down move. The high volatility during correction can cause significant damage to your account if you try and invent strategies during the move.
I am using the time to do R&D on some new stuff and lot of pending research on some promising ideas. There are some traders who tweak things or flirt from one strategy to another depending on how the wind is blowing. Most of the time it is better to do all your research and thinking and put all elements of your system together in one go and then trade the system till it breaks.The other thing is learning happens if you have a constant approach. Most of the things I trade barring the episodic pivot is more than 6 years old as a result I understand earnings, momentum, and neglect much better.
One of the things which I found in my recent research is another list from IBD which does very well. This was one of my long time pending project and I was tracking the list and its results for over 6 months on it. The correction has given time to flesh it out. I will sometime later share this simple stock selection method for those looking for lazy ways to beat the markets.....