This image provides a good description of the current state of the stock market. The stock market is around the same spot as it was last year. The stock market index in July 2007 was around 52000. It went on a long rising streak to as much as 66000 points. But the fall has been continuous and drastic – now around 52500.

IMO, I dont think this is such a big deal. It shows that the market is now maturing and that some market correction took place.