The Dow still showing downside pressure, but no substantial correction at this point.

We have stock markets that have bubbled in price (overbought) and now are stabilizing into trading ranges. I wouldn't consider the last few days the beginning of a substantial correction. As our current stock markets will only correct on something dire.

China peaking out in 2009 as the whole economy goes into a devaluation slump is a near term possibility. The recent correction in China stocks may be that precursor, which was shy of fallen into a bear market, has (somewhat) stabilized.

The global stimulus that has pulled a a slew of economies out of recession (populous won't feel much different as the private sector continues to shrink) should be completely washed out by end year. Watch for a 2nd wave of stimulus.

The Dow is still trading within ranges after bouncing off 9398 resistance