Ha ha ha ....I can just imagine the conversation between different (competing!) stock holders on this one..."Hey Fred, the SP dropped 10% yesterday and another 10% today but I think it is just an expected correction mate. They're overreacting, but seeing you look a bit worried, I'll wait for you to sell down your portfolio before I look into getting rid of my couple of million shares".
I think you are very correct Proctalgia - in all your points! When all this current stuff starts breaking down - look out!