NEW YORK (TheStreet) -- While equity markets opened lower to start the week, they have recovered nicely halfway through the Monday trading session.

Mark Newton, chief market technician at Greywolf Equities, told TheStreet's Debra Borchardt that investors with a long-term perspective should wait for more clarity from Washington.

With markets essentially unchanged from a week ago, the selloff has been pretty calm. Newton added that the pullback has been similar to June and August, with very little technical damage being done.

He went on to say that while consumer discretionary and industrial stocks have been doing pretty well, financials, which make up 18% of the S&P 500, continue to lag, which makes a broader market rally difficult to spark.

China recently suggested to the U.S. that it get its issues in order because the shutdown is causing a lot of stress on global markets. Hamilton reminded everybody that China is a large holder of U.S. Treasuries, and could begin unwinding those positions if it so chose.

While he admitted this course of action would be unlikely, it would wreak havoc in the bond markets.

The government needs to get its act together, while also trying to curb spending, he agreed. Hamilton concluded that the U.S. dollar/Japanese yen has had a strong correlation to U.S. equities. The dollar has been lower, and it will be interesting to see if the correlation holds true, which would mean a lower stock market, he said.

-- 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.

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