The market seems to be stabilizing a bit today, but I am in no hurry to put capital to work immediately. I expect one more leg down. I see lot of biotechs attracting some buy interest, but not many of them are in my list and do not meet my buy criteria. I am currently watching around 50 stocks for entry once the market stabilizes and once I have enough confidence about the next market move.
Faced with such market conditions, the most important thing I have learned over the years is not to panic and keep your nerves. With market rallying for long period without significant correction, I was expecting and anticipating a correction. Crashes and corrections are good for my style of trading, as they wash away excess speculation and set us up for the next bull move. If you protect your capital, there is always better opportunity somewhere in future.
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