Reading through Seeking Alpha this morning I ran across the usual suspects - a bunch of doom and gloomers and others who while not D&G just can't believe that some Chinese Bureaucrat caused all of the carnage. I don't know what part of chaos theory some of these folks don't understand but yes, sweet cheeks - one Chinese Bureaucrat given the correct starting conditions can initiate a world-wide avalanche.
Why Americans just can't believe that there is a world out there beyond our borders is beyond me also. The economy is global - there are no more national economies - just because NASCAR wants to pretend that those Fords and Mercury muscle cars are built in Detroit just doesn't make it so. They are built from parts brought in from around the world. In fact the most American Car in the Datona-500 were the four Toyota's. NASCAR nation indeed. If it weren't for China the NFL couldn't play - they buy all their footballs and uniforms from the Commies.
Barry Ritholz says - oh yeah - well look at Japan - why'd they only have their sell-off tonight - to which Marlyn replies - read my post about the Yen, Barry - for a high-powered, TV appearing, whatever you do in the real-world kind of guy you sure don't know much about international markets. I don't know or care what Cara is saying because he is almost always wrong on everything anyway - and besides he's a Canadian and who cares what Canada thinks.
Point being the markets were oversold, everyone knew they were oversold, everyone wanted to have a fire sale but no one wanted to start it for fear they'd be the only one selling. It is truly that simple folks.
Now enjoy the day and trade like you meant it - and if you ever have the chance to sit it out or dance - I hope you dance.