There are concerns about European countries' debt. Just like a year ago, Greece is having difficulty to pay its debt. Other European countries try to persuade German to help Greece to pay its debt. It can be seen as another bail out episode. Many people afraid that there will be domino effect if Greece defaults. Greece is just the beginning. There will be other European countries such as Portugal and Ireland that will face the same problem. USD is getting stronger, which leads to lower oil price and commodities price.
In my opinion, try to avoid companies that sell commodities. Banking and consumer industry can be one option to choose. Selective buying is necessary during this correction. The worse case will happen if Greece is defaulted, which will lead the market to below 3500 or even below 3300.
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