Told you so! Just kidding. I've been expecting a correction for so long, that time has finaly proved to be my ally. The low-beta holdings and cash that I have are holding up much better than the market, but the small cap mo-mo stocks I have aren't doing so well. I'd be careful about knee-jerk reactions to this, but with the volume so heavy, it does seem that today could be the start of the much anticipated correction. Funny how months and months of gains are taken out in just one day.
China gets the blame as their market took a huge hit. Or maybe it was Al Gore winning an Oscar on sunday night.
Remember, corrections are healthy and set-up the next bull leg. I'm not rushing in with cash today or tomorrow, but there will be a time to ratchet up beta again. Patience is always the key.