The market had a nasty day yesterday.  We have seen -4% down moves before; but, this one had some real negative underlying issues. 

1. the move came with some fairly decent volume.  

2. the advance/decline (stocks up/stocks down) was 1 to 9 (9 out of 10 stocks closed lower) and the $trin (volume of up stocks/down stocks) was very negative, showing the selling was heavy on the down stocks.  

3. commodities as a whole had terrible losses with oil down close to 9%. 

4. Gold had its first solid up day in about a month

5. Bank of America says more losses coming and JP Morgan states it will need more help from the government.

The measure of a bull market is the ability to recover after days like this.  If we can manage a positive close today, we may see a continuation of the rally.  If not, I think we have seen the top.