NEW YORK (TheStreet) -- Equities continue lower ahead of Wednesday's Federal Reserve Federal Open Market Committee meeting. Albert Fried's Ben Willis toldTheStreet's Debra Borchardt that this is a buying opportunity.
With the FOMC meeting scheduled for 2:00 p.m. EDT on Wednesday, volume is lighter than usual and the price action has favored the downside.
Blame it on taper talks if you want, says Willis, but this correction was coming regardless.
He added that he's been waiting months for a pullback such as this, which is very slow and tedious on light summer volume.
Willis added that he has been under the belief the Fed would taper in September, and it seems as though many others now agree.
In a way, tapering has already been in effect. With the Federal Reserve talking about the issue and addressing it, traders and investors have had time to brace for the news. He doesn't know when the tapering will start and where the Fed will slow down the bond buying --Treasuries, mortgage-backed securities or perhaps both.
He concluded this selloff is only a missed opportunity if investors are not buying.
-- Written by Bret Kenwell in Petoskey, Mich.
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.