just looked at the US indexes, and here are some observations since May 2006's peak: Russell 2k: unchanged nasdaq: up 5%. immobile and consolidating from 11/05 s&p: up 6%. immobile and consolidating from 11/12 dow: up almost 7% - best performing and steadiest climb. Conclusion: Its taken us 6 months to climb avg 6% on these indexes, but with exclusion to the Dow (likely with the help of oil) the indexes have been stuck in a trading range for the last two months. 6% previous peak to current state in no way solely warrants a selloff, despite what the bears are claiming. EVERY piece of economic news is strong lately. In fact, today's job # is great for the markets whole year view, just not today (since worries of no fed cuts cut into upside). The market seems to forget a strong economy with jobs is surer bet, reinforcing GDP growth and positive earnings, than depending on fed rate cuts to do the same.