Looking at today's trading, we're seeing a healthy drop across most sectors, and it was long overdue. I watched Amgen(AMGN) drop 5% in less than an hour after some negative news came out from the FDA requiring Anti-Anemia drugs to have more restrictions. This has made me think is this a buying opportunity or would buying be trying to catch a "falling knife"?
In a case like this, I like to see some stability before I buy in. It isn't that important to try and catch the bottom when buying. Preservation of capital is more important, and you're better off sacrificing a couple of points than buying too early and sacrificing much more.
As a side note, any more pullbacks would be a good opportunity in oil stocks, particularly the ones I've been writing about as of late.