US equities set off alarm bells last week with their biggest selloff since April and a hefty increase in volatility

US equities set off alarm bells last week with their biggest selloff since April and a hefty increase in volatility. Technical types were surely rattled by the S&P 500's no-doubt plunge below the 50-day moving average. However, equities stabilized today (with volatility dropping off) and it doesn't look like we'll test the 200-day moving average anytime soon. It's really quite amazing how quickly US financial media talking heads are ready to proclaim a major correction is upon us. Just glancing at some of the major financial sites, you'd think after one big down day, the entire financial system was about to collapse. Let's put it into perspective... at least in the US, the economy is healthy and growing. GDP came in at 4%, the job market is stable, and consumer spending is up. In other words, I'm still a buyer of this market.