Memories, like the corners of my mind...

Investors have a long memory. Most people can talk about the details of the exact trade that made them a lot or crapped them out. Those that lived through 2000-2002 saw 30-80% declines depending on sectors. A mere 10% dip off of 4 years of gains is pretty tame compared to the last down market. That is why I expected the market to have a nice bounce, the small fry did not sell. This move, for the umteenth time, was all about liquidity not valuation. If earnings are short, then I will change my tune.