The bulls got slaughtered today, but they can take solace in the fact that volume was much below normal. We are officially in the “dog days” of summer, and many traders are frequenting their establishments in the Hamptons. Volume does not historically return back to normal until after Labor Day, so plenty of large point moves can be expected until then. It is important not to read too much into today’s action because it can easily be reversed due to the low volume. Of course a loss is a loss and your brokerage accounts are probably lighter now than they were yesterday.