Exactly — and they’d rather have a 20% correction this year than 50% in 2017. 20% down from the Dow peak of 16,650 would take us to 13,320. NASDAQ would take us from 4,250 to 3,400.

Still very nicely high by historical standards — 13,320 is only 1,000 points off the 2007 peak. 3,400 on NASDAQ is higher than 2007, higher than any time from the dot.bomb crash till May 2013, in fact!