We can talk about the reasons why stocks are plunging to hell this morning; none of it matters. All you should know and care about is there are more sellers than buyers today and the tone of the tape has changed.
Once per month, we get these sell offs. People get all worked up in a frenzy and fuck themselves inside of idiot stocks. Bear in mind, we are in the midst of an epic bull run, one that has lasted for six years. Each and every sell off has been transient, temporary phenomenons that are met with unchecked, wild-eyed, buy programs–fueled by cheap money and strong liquor.
The very idea that the Fed might hike rates is hateful to most Americans. We want cheap money, strong booze, and fast cars. Austerity is for conquered countries, like Germany and Greece.
Bottom line: Don’t laugh off the sell off just yet. Examine it closely and do what you need to do to protect your assets. Being emotional about money is always a good way to lose it.