The market got hit hard yesterday with the major averages losing between 2.5% and 2.8%. Volume was well above average but mixed compared to Thursday, higher on the New York and lower on the Nasd. All the major averages undercut their recent lows so the rally count is back to zero. We are well into intermediate term correction territory and with all the major averages now below their 200dma's it seems likely they will reach traditional bear market levels before this is over. Leading stocks took a hit as well with the leaders index down 3.75% on lower but still well above average volume. There is very little if any leadership in sight and the evidence is mounting fast that we are in a bear market. Jerry
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