Recovering from a correction–six years ago

On June 1st 2004 SPY was well on its way recovering from a 5% correction that started in May.  The jury is still out on whether this year’s 12% correction (based on closing values) is over, or just the beginning of a bear market.   Six years ago we didn’t have the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) in financial turmoil, or a big oil leak in the gulf,  on the other hand, Iraq was looking pretty shaky back then.

If you are looking for bullish signs you can point to the big increase in normalized volume–the 25 trading day average on SPY is at 346 million shares per day.