Not reading much in to today's correction. This correction should play itself out over next week or two and market will resume its usual creep up. In the meanwhile lot of ink will flow from bearish commentators about how they are right and crash is just around the corner.
Some of these are career bear analyst. If you want to see some wild bearish projections see the beginning of the year issues of Barons and Business Week. Some analyst had forecasted some wild scenarios, none has come true in eight months so there will be some desperation. For some of it to come true markets will have to have significant correction in short period of time. If that happens, it will be a buy opportunity of life time.
In the meanwhile the best course of action for now is to take it a week at a time. Keep your buy list ready and wait for sweet spots to enter. If the market breaks out from these level post a correction, watch out, it will be a rally of some magnitude and will have long legs.