Good Morning. The turn of the month is usually a seasonally strong period for the market, which starts later this week. If the market gets oversold into the end of the week, we could see a bounce going into the beginning of the month. This would probably coincide with the 1040-1060 area that I believe is the most likely first stop in this correction. However, if we see large secondaries from the likes of Citigroup and Bank of America all bets are off.
Yesterday, I wrote about how everyone was scurrying into technology stocks. BIDU spit the bit last night and is down over 18% in the pre market. It will be interesting to see if the damage in technology is contained to this name or if the other horsemen are hit up.