1) China Tightened.
2) Obama Frightened.
3) Global Markets tumbled.
3) The Global recovery has not been sychronised.
4) There's no global Overheating occuring at this moment.
5) China need not adopt aggresive tigthening.
6) Obama's banking split will not lead to another credit contraction similiar to the one created by the Lehman Panic.
The equity markets are going through a needed correction phase. I personally see that the economies are not about to start contracting again and the "rally" will resume.