Down Day but no Big Deal?

• China (FXI) gets taken down -5.7% and is now sits on its trendline dating to Aug 16
  
• Brazil (EWZ) gets spanked - 4.3%
• DOW closes under 14,000
• Nasdaq falls, tech under pressure via SMH -2% (on chip downgrades)
• QQQQ just above by a dime from where it opened on Monday
• Suprising UP moves today: XHB +2% (homebuilders), RTH + 1.4%(retail)
• Econ: ISM Services data and ADP data were benign, not market moving
• Everyone is waiting on pins and needles for Friday's jobs report
  

From Briefing.com:

"When looking at the losses in the equity market on Wednesday, keep these numbers in mind: +7.2%, +6.4%, +4.8% and +4.7%. Those were the percentage returns entering Wednesday's trading since the close on September 17th for the Russell 2000, Nasdaq, Dow, and S&P 500, respectively.

There is little mistaking the fact that the FOMC's rate cut on September 18th provided a bullish catalyst for the market. What happened today, then, was nothing more than a move to take profits from an overextended market."