Traders have been waiting for a real correction for weeks so they could "buy the dip" as an entry point into the fourth quarter. Now stocks are sinking on a number of different worries. Yet the market is holding near support levels with the S&P 500 in the 1185-1175 zone. Is this the dip we've been looking for? Unfortunately, my crystal ball is a little cloudy.
If the correction continues we will see the S&P fall into the 1160-1150 zone, its next major zone of support. I want to see how the market behaves tomorrow before adding new candidates to the Premier Investor newsletter.