There are always reasons for a sell down that go beyond "herd...

There are always reasons for a sell down that go beyond "herd panicking". The SP got ahead of itself at $14 and the quarterly provided a reality check to investors causing the slide. At $9.4 the SP was oversold and it has since returned to what is likely to be fair value for the time being.

I'd imagine analysts will be keeping a close eye on growth rates over the next few quarters. Any slowdown in growth will cause this to decline and vice versa.

Specifically today, the SP decline is a combination of overseas markets but also the results for the NAB Online Retail Sales index which was released today. It shows a decline in homeware and appliances of 1.5% in September when compared to August.

I recommend people try and make sense of market movements and not just come up with vague and ill thought-out hypothesis about "sheep panicking".