In summary, we expect that this correction will magnify, even if it is short-lived. We say this despite the seemingly optimistic snap-back rally today (November 8). Today’s rally seems to be spurred by the unemployment report, and by bottom-fishers. But we expect selling to return next week. A probe below support at 1730 would likely cause SPX to test the 1700-1710 area. That would certainly cuase some consternation amongst the recently complacent bullish community. But unless the term structure of the VIX futures turns negative, this is likely just a correction and not the beginning of a bear market.