Yup, could be.  So I got interested in what happened the NEXT year, in 1937.  Looked it up--just took a minute or so.

You didn't tell us THAT JDart88.  Did BNN?  It should have.  Yikes!  What a tumble!  
"The American economy took a sharp downturn in mid-1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 percent and production of durable goods fell even faster. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938.  Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels." (Wikipedia)

Some are telling us today's bull market is going to turn bearish...