It is a full-blown selloff, as every S&P sector is under pressure.  At the start of trading, there was strength in work-from-home names and several of the big names reporting earnings this week, but we have gotten to the point were selling begets selling triggering a domino-like effect. 

Energy has been the biggest loser since the presidential debate and declaration from Joe Biden that he will eradicate the industry. 

I think today’s action is less about not getting fiscal stimulus, it is about the markets trying to force Congress to provide more help to the American public.  The notion gets easier after the election is being scrutinized a little more as there could be more animosity.  

Make That List & Check it Twice

This is the time to work on that list folks.  It has been an amazing year to buy dips, yet it has been a very selective year.  We saw a more serious effort to rotate last week so don’t assume buying the same high Beta names is the way to go.  It is time to put greater emphasis on fundamentals and even valuations.