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With the Dow Jones Industrial Average closing down by 217 points on Friday and down 4.1% for the week and the S&P 500 Index down by 25 points on Friday and down 3.9% for the week, STI may continue on it correction path this coming week. Looking at the STI weekly and daily charts below, it may pull back to the minor support level of 2740 and if this breaks, it may then head down towards the region of 2600 - 2680.



Since the market is only correcting at this point in time, that is the trend is still up since March 2009, it may not be time to go short yet. It will be good to stay light and cautious and watch how far this correction will go.

In the meantime, will be watching the following counters for possible swing trades if the market decides to turn back up and they follow suit. Will need to keep in mind that the market affects a stock much more than the stock affecting the market.