Oversold

At 2:09, the Down Jones is down almost 200 points and the Nasdaq lower by 4%. The correction is overly extended and the market is now oversold. I expect a bit of a rally towards the close or early tomorrow. The market has been constantly drifting lower for the past week and a half. The new President should act quickly on his proposed stimulus plan but keep in mind that the rally must be led by the Financials. If you want to assume less risk, consider buying Large-cap technology stocks such as Apple and Intel or defense companies such as JNJ and PG. The S & P has bounced off around the 800 level and should do the same this time around. Nevertheless, the current trading action is painful to watch.