Ouch!!! That hurt today if you were not prepared. It is possible that we will see another week or so of downside pressure. Note the word possible. The market has a lot of overbought pressure at this point ... so today's sell off is welcomed. In the long run this is healthy for any sustained rally even if it is a bear rally.
Most everyone was down today. All three of the major indexes were down. Out of the total shares traded today 96% were down in price and of the total stocks traded today on the NYSE 89% were down in value. There was over $2.3 billion outflow on the total US market with the sector losing the most ... you guessed it Financials had an outflow of over $1.3 billion (all market stats are from The Wall Street Journal).
Stayed tuned this is going to be interesting to see how quick and how deep this correction is going to go. Over the next few weeks and possibly months we should see higher prices if nothing unexpected or unforeseen occurs once this correction runs its course.
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