Shit, It was just two weeks ago I made a killing when Dow hit 14000. I knew it was a climax top. Let see where we go from here. IBD Stocks Sell Off Hard In Massive Volume, Killing Market Rally BY JONAH KERI INVESTOR'S BUSINESS DAILY Posted 7/26/2007 Stocks dived in furious volume Thursday, continuing the week's sell-off and pulling the market into a correction. The Nasdaq dropped 1.8%. The Dow industrials and S&P 500 both tumbled 2.3%. The NYSE composite skidded 2.8%. Volume surged 37% on the NYSE, to 2.8 billion shares. Nasdaq volume jumped 35% compared with Wednesday's level, totaling 3.5 billion shares. The NYSE imposed trading curbs on the market late Thursday morning. The move, used to slow down selling during big market swings, held volume totals back somewhat. Still, NYSE and Nasdaq trading reached one of their heaviest levels in the past couple of years. Market breadth was also hugely negative. Losers topped winners by about 10-to-1 on the New York Stock Exchange. Decliners beat advancers by a 5-to-1 ratio on the Nasdaq. The day's action, combined with other recent bouts of selling on Wall Street, has thrown the market into a correction. Today's Market Pulse has been updated to reflect that claim. The distribution day count has also been removed from the Market Pulse. Distribution days become less relevant once the market is in a correction. Instead, look for a possible follow-through day to signal a new uptrend. As soon as the indexes start rising again, it will be the start of a rally attempt. A sizable price gain by one or more of the major indexes on the fourth day or later would count as a follow-through. The market had shown sporadic signs of distribution earlier this month. But institutional-quality stocks held up well on those occasions, providing solid footing for the market's rally. That footing has slipped over the past few days. Leading stocks from technology, financial, materials and retail sectors have fallen hard in rapid volume. Many have sliced through support levels, such as the 50-day moving average. The double threat of the falling broad market and struggling leaders should prompt growth investors to act cautiously. Avoid making new buys. Take profits on your minor winners. Cut losses quickly on your losers. If you own a stock that's up a lot from your buy price, you can consider holding. A big spike in selling, however, could warrant more defensive action. Still, perspective is in order. Credit market concerns have put investors on edge. But corporate earnings are on pace to beat quarterly estimates. Most economic gauges remain in fine shape. Meanwhile, the put-call ratio exploded to 1.32 on Thursday. NYSE short interest levels are also running near record-high levels. Such indicators point to fear being the catalyst for the market's correction, rather than bad market fundamentals. That didn't stop investors from fleeing to the safe haven of Treasuries. The yield on the 10-year note sank to 4.78% from 4.90% Wednesday. That marked the lowest reading since May 18.