NYSE Trader Says There's Still No Buy Signal for U.S. Stock Market

Wall Street was hit with another broad selloff on Monday, and one trader said he is still waiting for a signal to buy. Ben Willis, CEO of Princeton Securities said there is still too much uncertainty about what happens next for the UK, which is making markets nervous. Willis however downplayed S&P's downgrade of the UK's debt rating, saying the move was not surprising. Willis said he expects defensive stocks will be the first to recover once the selling ends, and he also prefers regional banks over money center banks.