The market opened higher today in what looked like would be a weak bounce. It quickly rolled over and went into negative territory where it stayed for the rest of the day. The major averages sold off into the close to finish at the lows of the day. The declines were between one and one and a half percent on the day and volume was lower across the board but still above average. Leading stocks sold off with the market as the leaders index dropped fell .97% on lower volume. The stock that was probably the highest quality leader that was still intact in this correction broke badly. KORS sold off 7.2% and broke below it's recent base and it's 50dma on very heavy volume. The COMPQ fell further below it's 200dma and the SPY joined it below this important moving average. The COMPQ is now well below the 8% correction level the holds most declines, and is now well on it's way to intermediate correction territory. The decline is intensifying and the signs that we are in a full fledged bear market are getting stronger. Jerry
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