In a word...

Ouch.

Like most people, I took a hit yesterday, but the hit was much softer than it would have been, had I not been steadily building a cash buffer over the last month (pigs get slaughtered, you know). At the start of the day yesterday, I was holding about 22% of my portfolio in cash.

That said, when I did look at my investment accounts, most of my holdings were down over 3% each yesterday -- a scary moment for sure. The only notable exceptions were ERTS and BSD, a municipal bond offering. The key is: I did not buy or sell anything yesterday, and it certainly would have been a mistake given the fact that the entire market was selling off in tandem. Anyway, after all the dust cleared, I was down around 2.5% of my portfolio. Again, given the Pacific rim sell off in the 7%-9% range and the US sell-off in the 3.5% range, I fared ok.

So what's next? This is exactly the correction I mentioned I was waiting for, and I'm particularly interested in doing some bargain hunting when the time is right. The time is not right yet and I'll be looking for more conviction before committing funds into the market.