The market opened lower as confusion and selling spilled over from yesterday.  There was a valiant effort to rebound that actually took the Dow Jones Industrial Average into the plus column, erasing a 384 point decline at the worst point.  

But the rally attempt couldn’t seduce any cash off the sidelines. Hence, the subsequent move back to the downside.   

For the S&P 500, two sectors have held up well all session long,  but Industrials and Materials only have 7.9% and 2.5%,respectively, weightings in the index. 

The key at the moment will be to hold those earlier lows, especially for the S&P 500, which bounced perfectly off its 50-day moving average.  

I think some of this selling is the market trying to pressure Congress to act. I worry how loud this message has to get before lawmakers do something besides point fingers.

We are not forcing the issue here and are just looking for opportunities.  Note: we closed a couple of positions and took profits mostly as risk-reward began to shift.  Those decisions were company and industry-specific, not the market.