In olden times I don't think they'd even call this a "correction". That used to be a -10% move in a major index. The [link|http://finance.google.com/finance?cid=626307|S&P500] is still above where it was in March. It's only 6% down from the all-time high on July 13.

It might get much worse, but at the moment it just looks like the market is volatile. People who buy-and-hold should ignore it.

Cheers,
Scott.