Fundamental analysts are obviously concerned about sub-prime woes.  Technical analysts have just seen a sharp correction off the 50% retracement level and no doubt the sentiment shifted even more bearish after today’s move.  Again it doesn’t mean that we won’t rise up in the next day or so but that one day move doesn’t mean you should buy into the thesis that we are starting a new uptrend!  The market will pop up during downtrends – if only to lull you into a feeling that it’s not that bad – and then it steals your money because you were not patient!

Speaking of patience, it is Whale Week on CNBC’s Fast Money – oh Phil you are missing much more than the market!  And today’s Whale was Warren Buffett.  Although initially I found it somewhat mundane to hear about Buffett – again – I am not sure any of us can ever be reminded too often that this is indeed a long-term game and has historically rewarded the bulls.  History has shocked investors holding long-term positions many times but has rewarded them in the end and no greater example of seeing how patience and astute investing has rewarded disciplined investors than Buffett himself.

Returning back to Greg for a moment, he commented today that he was in search of “stocks that will be the leaders after this correction.”  Let’s first note some stocks that didn’t hold up well (courtesy of Yahoo!) – always fun!

PRICE % LOSERS