Dykstra: Delphi Financial Bodes Well

Before I give you my pick today, be aware, as the market is going to get hammered today! It's already been down over 200 points.

Outside of the financial sector, actual September-quarter earnings results have been roughly in line with expectations. But expectations for the December quarter continue to erode, reflecting downbeat guidance from several bellwether companies.

Richard Moroney, the editor of the Dow Theory Forecasts newsletter, which happens to be one of my favorite newsletters of the 30 I subscribe to, explains that the market faces some near-term headwinds:

The calendar. Since 1950, September has been the worst-performing month for the Dow Industrials, S&P 500, and Nasdaq Composite -- by a wide margin. For the S&P 500, the average monthly loss in September is 0.8%, with 23 gains and 33 losses. Only February and August also have average monthly losses, and September is the only month with more losses than gains. ...