I should probably refrain from comment, believing the ancient wisdom that pride cometh before a fall, but this was one hell of a day; one that I happened to guess exactly right. Even though my guess is that we’ll be making new highs later this year (Santa Rally), and that could get started anywhere from after Labor Day to a month from now (if…if…), I don’t think this correction is over yet, even though we may have already seen the absolute low. This deep of a correction (10%) takes time to stoke up enough fear to shake average guys out of their shares so the big boys can load up cheap. Conversely, in market tops (a-la ’98-2000), everyone including your grocery bagger and barber are picking stocks, and whose stocks do you think they’re buying? Big boy stocks, as so-called smart money rotates their holdings from net long (they are massively — like: record — net long right now) to net short. And so it goes. But anyway, it just so happens that these corrections tend to follow similar patters. They don’t have to, of course, but it seems to be that way. It’s likely a function of herd mentality….