The 'C' word

cor·rec·tion (ke-rèk¹shen) noun 1. The act or process of correcting. 2. Something offered or substituted for a mistake or fault: made corrections in the report. 3a. Punishment intended to rehabilitate or improve. - The American Heritage Dictionary of the English Language, Third Edition

Judging from last week's bloodletting, it appears that a "correction" is at hand. On Wall Street, the second definition above implies that the market was dead wrong in the past (read:overvalued) and now is simply remedying the situation. But in this last week in the quarter, the question remains as to whether investors are simply shaving off the tip of the iceberg via some end-of-the-quarter profit taking, or whether this is going to be one long, hot summer...