My sense is that the Obama bubble in stocks, propped up by years of 0% money (and less due to QE) is not busting but is right-sizing through a series of ups and downs with about 23,000 as the base and 26,000 as the pinnacle. This up and down will take place until the natural curve of the stock market is restored.
That’s a good observation. Heard on the radio within the past few days, that some of the money from stocks is going into bonds. Some of the bond prices were also up at the time, and yields down (5-year, according to the radio talk).