Editor's Note:

My comments in last week's "new plays" section discussed concerns that stocks could see a sell-off in April as investors react to Q1 earnings results. Now it seems the correction may have started early. Worries that the Fed may not follow through on any further QE and concerns about rising bond yields in Spain sparked selling pressure this past week.

Now the market is poised to drop on Friday's worse than expected jobs data. Could this be the catalyst that begins an overdue correction following the Q1 rally? It's definitely possible. With stocks poised to gap down and correct lower I am not adding any new long-term positions tonight.

The good news is that a correction lower should end up providing a much better entry point. Now is a great time to start making a list of stocks you'd like to buy if the market sees a -5% to -10% pullback.

Enjoy your Easter weekend!