The market had what amounted to a halfway decent eight-day rally, but the sellers pounced on that move, with most major indexes testing or reaching new correction lows today. From here, we’ll be watching to see how this short-term retest phase goes—given the very negative sentiment and obvious reason for the selling (tariffs), a super-powerful rally from here would be intriguing, especially if some resilient stocks (those that are holding well above their lows from a couple weeks ago) take flight. Over time, this decline will set the stage for a buoyant advance with lots of new leadership, but until that payoff arrives, continue to practice patience. As always, though, we just go with the here and now; we’ll yank our Market Monitor back down a notch to a level 3.

This week’s list is again very well rounded, though not surprisingly, there’s fewer go-go growth names, as more well-situated outfits are favored. Our Top Pick has both growth and defensive characteristics, and the stock is holding up very well.

It’s obviously been an eventful week, starting off with some mini-panic on Monday, though the market did find support three days in a row. But Wednesday evening’s tariff announcement has sent the market into a tailspin, with huge losses yesterday and, after China’s retaliation moves announced this morning, further big losses today. We have thoughts, so let’s run through them.