The weekend didn’t help the market’s dreary spirits in the least, as stocks added to Friday’s selloff with another plunge of approximately 2% amid fears of slowing global growth and rising interest rates. For a moment Monday morning, it looked like the major indices may be able to recover from another negative open. But with breakeven in sight, their mood turned sour again and stocks dropped almost right into the close. The NASDAQ is now in negative territory for the year after slumping 2.27% (or nearly 157 points) to 6753.73. The Dow slipped 2.1% (or 507 points) to 23592.98, bringing its two-day loss to over 1000 points. Editors like Jeremy Mullin and Dave Bartosiak have been talking about the importance of 2600 holding on the S&P. Well that’s gone now after today’s slip of 2.08% to 2545.94. The February intraday low of just under 2533 is now in danger and was briefly breached today. Mercifully, stocks came off their lows in the last half hour. The big news of the week (and possibly for the rest of the year) is the Fed meeting that starts tomorrow and ends on Wednesday. For a market that’s scared of its own shadow, this important get-together is more than enough reason to continue selling off. Fed Chair Jerome Powell & Friends are still expected to raise rates for a fourth time this year. The big question is whether or not this steep correction has convinced them to take things slower in 2019. You can feel how much the anticipation is stressing the market right now. And it's downright unbearable when you add the 90-day window for trade negotiations with China. The market may continue to selloff on any upward movement until some actual progress can be reported on these issues. Maybe the Fed can strike the right tone this week. Let’s not give up on Santa just yet! Today's Portfolio Highlights: Home Run Investor: When the market really started turning lower this afternoon, nLight (LASR) was still solidly in the green. The company eventually succumbed to all the selling, but still finished better than the market in general. Brian Bolan liked the resilience that was shown, and decided to add the stock on Monday. But that’s not all he likes about LASR, which makes chips that guide lasers for cutting, welding and all sorts of other end uses. The company beat by 25% in its most recent quarter, while the topline grew nearly 40% amid an improving margin picture. The editor has several openings in the portfolio after selling a few last week, and he's got a nice entry point with LASR hovering near its 52-week lows. Read the complete commentary for a lot more on this new addition. Black Box Trader: The portfolio swapped out four names in this week's adjustment. The stocks that were sold today include: • Exelon (EXC) • Anthem (ANTM) • Crocs (CROX) • Spirit Airlines (SAVE) The new buys that replaced these names are: • Darden Restaurants (DRI) • American Express Co. (AXP) • Delta Air Lines (DAL) • United Continental Holdings (UAL) Read the Black Box Trader's Guide to learn more about this computer-driven service designed to take the emotion out of investing. Zacks Confidential: Believe it or not, there are plenty of stocks that are up for the year despite this sharp correction. You just need to know where to look... and a great first step is finding the industries that are outperforming. One of the best tools to use is our Zacks Industry Heat Maps feature. In this week's Zacks Confidential, Kevin asked Zacks Chief Equity Strategist John Blank to explain how this feature can help you find those outperformers. Read his article and get 10 stocks to watch from the best groups: The Zacks Industry Heat Map. Counterstrike: "The Fed is due up Wednesday and with a dovish stance we could find a rally. It will be important to see a positive outcome from the Fed so a Santa Claus rally can show up in the final week. I have my doubts, but I am hopeful that tomorrow might be the last down day before we start trending higher. "Dangerous time to be in the market. I hope most have focused on capital preservation and discipline these last couple weeks. Besides going to cash or actively trading both long and short, being disciplined is all you can really do in this environment. "Our strategy will be to manage the current positions and get out when stopped. This will manage our losses while raising cash while the market falls. When there is a turning point, we will be able to attack all the opportunity that this market is about to give us." -- Jeremy Mullin All the Best, Jim Giaquinto Recommendations from Zacks' Private Portfolios: Believe it or not, this article is not available on the Zacks.com website. The commentary is a partial overview of the daily activity from Zacks' private recommendation services. 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