Chinese markets had a HUGE selloff overnight..
Up 130% last year..
From Business Week:
The Major contributing factor to today's market upheaval was the action late yesterday by the People's Bank of China to raise—for the fifth time in eight months—the required cash reserves that lenders must park with the nation's central bank.
These moves are aimed at draining liquidity from the banking system and taming the growth in lending, which grew 16% year-on-year in January.
Bullseye... this is what is driving this correction. But a lot of stuff will be undervalued when this is over and institutional investors will create a rally for all the little guys. So its not all bad news. Just wish I had gotten into cash before this happened. Live and learn.