Indices lost 4.4% in this "correction"......

S&P 500 lost 4.4% @ low of the day which was 1173......we closed @ 1178.34 which reflected buying support.......

I personally believe that 5% is max for this correction on an intraday basis.......

In any "strong bull market" corrections are sharp & swift......

Internals were "horrible" today as listed below :

Down volume led by 14.32 to 1 in NYSE & 9.66 to 1 in Nasdaq

Declining stocks led by 6.50 to 1 in NYSE & 3.94 to 1 in Nasdaq

Only 19 new highs & 137 new lows in NYSE, 31 new highs & 60 new lows in Nasdaq

Volume was above normal.......

All of the above adds up to "capitulation"......which means "reversal" imminent

I will not be surprised IF we close green on Wednesday.......

AH SINA ER was a beat but guidance soft....AH stock down 4.14%

AH POT announced $2 Billion buyback to end in next 44 days....AH stock UP .82%

AH Futures UP

AH Asian markets Down

AH Oil & Gold UP

BLOG does NOT give buy or sell.

PS.....There will be no post on Wednesday as Muslims all over the world are celebrating "festival of sacrifice".......I will be busy with friends & family.

Saleem