Was it all Janet Yellen?
When the Treasury head says that rates may have to rise because of overheating, you are going to get plenty a negative reaction, and that's just what's happening today.
I think we are at a critical juncture where we are going to lose the sunshine patriots and the summer soldiers. They are going to clear out, because they can't take the pain. And I can't blame them as they are getting their clock cleaned.
It is hard to figure out what to do. Take tech. Half the people seem to be selling, because the shortage in chips is playing havoc with the entire supply chain, including other tech companies and the other half are selling, because they believe that there will be so many chips produced this time next year that this is the peak.
You throw in Chinese belligerence and a sense that you have to beat the other guy out the door and you get what you see on your screen.
Lots of people are asking me if I am worried. Of course, I am worried. That's a no-win situation that I just outlined.
But I also know that if you sell now, you might have to buy back stock at a level you can't get unless you are so fleet afoot that you can dart in and out,.
Oh, and which camp am I in the semis? Neither. While I respect that China is going to do the wrong thing, I am a believer that we will not have a down year next year. There are too many levers and too many users to suddenly turn tail and skedaddle right here. But respect the market. It's telling you it wants to go lower.