I can see how it feels that way but even after the minor...

I can see how it feels that way but even after the minor adjustment overnight the NASDAQ is still up 3.4% for the last month alone. Last night moved the index back to where is was on Dec 3rd, ie just 2 over weeks ago. More importantly the NASDAQ is still up a whopping 31% year to date. I just don't see that as a melt down either when put in context.

The above said the US markets have run well ahead of themselves for quite some time. The bigger the gains the bigger the corrections as a general rule. The US market will need to re-forecast earnings expectations and leverage risks in light of the revised macro trends. With the US election now out of the way I suggest some bodies are being more sincere about what actually going on in the economy without contradicting their political affiliates.

The US bond data changed direction back in mid Sept and this accelerated massively a couple of weeks ago. Its fair to say that yesterday's Fed comments were not a surprise to everybody.

The thing is nobody wants to miss out on the massive gains of a bull market like we have been seeing and they don't want to get off too early and miss out. Last night might just turn out to be a blip like we see every month or two or it might be that some are pulling back from what has been a massively overheated market. The risk is now very high in some markets.

Each year we see quite a few of these adjustments. Sometimes they mean something, usually they don't. Whats interesting is where the money goes. When there is a selloff the money moves to somewhere and its interesting that there has been a big selloff in Crypto in recent days also so the money isn't moving there.