Global markets fell c.6-10% this week. The US markets finally cratered after months of strength despite markets in Hong Kong, China, Japan, Europe correcting, led by the internet names that had done so well. The question is then whether this is just a correction or is this leading to capitulation? Well, the markets seem to be saying this is just a correction for now. Stocks started recovering slightly on Friday (12 Oct) after the dramatic fall on Thursday. But we need a few more days next week to be sure. Valuations are always good gauges, with global PEs of global stock markets are at mid to high teens, we are not seeing over-valuation in the broad sense. Of course internet names had been expensive which is why they led the downfall. 
From peak to current share price:

JD.com -51%
Twitter -40%
Tencent -37%
Facebook -35%
Alibaba -29%
Baidu -28%
Netflix -19%
Google -13%
Amazon -12%
Microsoft -4%
Apple -3%

Besides the...