As I stated over the weekend the ASX has taken a hit today! My...

As I stated over the weekend the ASX has taken a hit today!

My watchlist is a sea of red!

Of course this drop doesn't have any effect on VRC's progression to become a mining company, but it certainly offers a chance to buy VRC shares and other stocks at a reduced price.

The big questions remain:
Is this an overdue correction that the Dow needed? How much further will the Dow drop, if at all? Is this the start of longer downtrend in the Dow? Is this the start of a major crash?

The Dow was at a record high level and everyone knows that it is due for a crash like what happened in 87/88, but just when this occurs is still anyone's guess. So the Dow may still forge on to reach 30,000 or it may have further to fall? Who knows?

From the SMH today:
"However, the pullback is likely to be just an overdue correction (with say a 10 per cent or so fall) rather than a severe bear market – providing the rise in bond yields is not too abrupt and recession is not imminent in the US with profits continuing to rise."