Maintaining high level thoughts on the market. Nasdaq fell -10% in less than 2 sessions on the highest volume since March. Avoid the pitfalls of making any quick assumption about recovery due to “recency bias.” Keep in mind the froth from retail and institutional participation in calls, stretched valuation, extreme sentiment, and weak seasonality are all contributing to this correction. Let it run its course and wait until CNBC has run “Market on Turmoil” a few times and Fed’s Regional Presidents are starting to show nervousness in their speeches.