What we had this morning was a sell-off mostly from the "Trump bounce", I'll call it; profit-taking. Some attribute it to jitters from Trump's immigration freeze, which really screwed up a lot of international travel including business flights. I don't know, it wasn't a very big drop. I talked to a broker this morning, who said that in general his colleagues are optimistic owing to anticipated business deregulation.

A correction, as you know, is a 10% drop in equity markets; that would mean the DOW dropping to 18,000. Since February 2009, it seems to me we have had four corrections: in 2010, 2011, 2015, and 2016; but no bear market.