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How Deep Will The Correction Get?
CNBC.com | June 22, 2009 | 06:00 PM EDT

S&P 500 BACK IN NEGATIVE TERRITORY FOR ’09

Stocks suffered their worst one-day loss in two months driving the S&P 500 back into negative territory for the year on Monday, after concerns about the economy triggered a broad-based sell-off.

Shares of economically sensitive sectors such as financials, energy and materials led the S&P 500 lower with bearish sentiment gaining momentum after the World Bank said prospects for global growth remain "unusually uncertain."

The selling really accelerated in the last five minutes of trade with the Dow closing down 200 points on the day.

How deep will the correction get?

Strategy Session with the Fast Money Traders

The fact that the S&P 500 closed below 900 is not a good thing from a technical perspective, says Guy Adami. I think the next stop is 870.

The action on Monday feels worrisome to me, adds Joe Terranova. Last week we always had at least one sector that received inflows but on Monday we did not.I think the action is actually healthy, explains Karen Finerman. Valuations in this market had been terribly frothy without any underlying news. In fact, I wouldn’t mind seeing more days like this.

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