The Dow Correction Begins?

The Dow took a further hit today as it fell another 129.79 points. This is the first time in this rally that the Dow fell by more than 200 points in 2 days. This is definitely a change in character and a break in the staircase formation. Like I said yesterday, if the Dow does not make a new step in the staircase formation today, it may be in for the correction that so many people are anticipating. Right now, the Dow is very near its 30 days moving average support line. If this line holds, the Dow may do a classical textbook 30days MA support rebound and continue its rally. If that is the case, then the rebound is when we should reenter the market. If the Dow continues to move lower than the 30 days moving average line on advancing volume tomorrow, then this correction may go as far down as the 50 days moving average line at about 13100. Hang on for a rough ride...

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