An enormously expensive market does not need a catalyst for a drop. It just drops. This thing has been a one way bet since April, and it was overdue for a correction and we’re getting it. Not the end of the world unless one was playing over his head.
In all markets prices change depending on supply and demand. In free and healthy markets this is understood and accepted. In manipulated markets, whether by government or cabals, prices are manipulated artificially and it hard to discover the "real and true" value of a thing. Even in fair and open markets there are times when the price discovery/corrections get out of whack due to the emotional nature of people. Focus on fundamentals and this too shall pass.
Well, this time it was supposed to be different. It isn’t. High P/Es and very low but rising interest rates. There is only one direction for stock prices as we see over and over again. With a strong underlying economy after a correction to normal valuations - whatever that means - things should be fine.