Leaders Index 5-16 test

The market had another bad day today. The major averages declined anywhere from .38% on the Dow to 1.63% on the Nasd. Volume rose across the board so there was distribution on all the major averages, which also closed at the lows of the day. The leaders got hit a lot harder with the index declining 2.57% on lower but above average volume. It also closed below the 50dma for the first time since last September. The correction continues to deepen and the question is becoming how bad it will get. Most corrections stop at the 8% level. If it goes past that it will likely turn into a full blown intermediate correction, or worse. Jerry