UPDATE: Since I wrote this, the market has rebounded by $10,000. I guess even a dead cat will bounce. Still down $40,000 for the quarter though. You just have to grin and bear it.....
UPDATE: October 5, 2015 The Correction continues to correct - upwards. This is the nature of the market, it overshoots low and high, much like an unstable control system (think: poorly adjusted thermostat). And this is due to human emotion and frailty. Was the market over-valued? A bit, perhaps. Did the market over-react to bad economic news? It appears so.
But what is really important to realize is that downturns in the market, which are often sudden, are always front page news. But slow gains over time never make the headlines. And over the last week, we are seeing slow gains which are erasing some of the downturn. Does this mean the worst is over? Maybe, maybe not. Predicting human behavior and markets is harder than trying to predict the weather.
But don't be stampeded by the news media. They love to report bad news, but seldom if ever, report good news.
UPDATE: October 10, 2015 The correction continues to correct - upwards. But you don't hear about this in the media, only how bad Q3 was in 2015. At this rate, the correction may be corrected within a few weeks or so, once the initial panic subsides.