From the market high in September, to the low in October, the S&P 500 has corrected about 10%. The Russell 2000, the small cap index, is down almost 15% from the yearly high to the recent low. Finally, we have a correction. The market has broken some important support levels through the widely regarded 200 day moving average, so you can argue unless the market snaps back strongly, the trend has perhaps changed to negative.

PVG – Equity Income Monthly Update (October 2014)