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Bloomberg recently reported that the number of indexes has exploded and now exceeds the number of stocks in the US. Enlarge any chart by clicking on it.
Strong uptrends (like this one) weaken before they reverse, meaning the current sell off is unlikely to lead directly into a major correction.
Even years with powerful returns (like 2013) experience multiple drawdowns of 3-8% along the way, meaning the current sell off was due and is perfectly normal.
There are a number of compelling studies suggesting that 2017 will continue to be a good year for US equities, meaning equities will likely end the year higher.Read more on these points here and here.