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I think it is just a much needed correction. investors have been overheating the market based on bad world market growth numbers. the IMF warned of this some time ago. personally I sold some time back and bought back in to the aussie market at 10am today. the drop could go a little further, but it would take some additional surprises for more significant drops. "should" be no more than another 5-8% downside.....but then markets are not always sane places