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No investor knows where the bottom of this correction will be. What we do know is that looking back, every time there was an "emotional consensus, we were at another turning point.

The S&P's downgrade of the U.S. credit rating could not have come at a worse time. S&P should have waited for the agreement reached by Congress last week to play out at least until year-end.

Investors need to remember how psychologically the market trades. While traders want volatility to calm down before they take bigger positions- that does mean that investors need to wait until the sky is blue.