It's not Volcker's nor Obama's fault...

The long overdue correction is finally happening because the markets have been extremely overvalued for quite some time now, sentiment has been extremely bullish, and all the bad news have been ignored or even worse, have led to further bullishness and market rallies.

There's no particular news to lead to this correction and the media, always looking for a justification, came up with the Obama/Volcker announcements...

Babak at Trader's Narrative puts it correctly:

Don’t buy the media explanation that this is caused by Obama’s “Volcker Rule” announcement. There has always been some explanation offered whenever the market makes a move and it is always in hindsight and wrong. The news doesn’t really matter. What matters is the sentiment within the market and how that determines the response to the news.

Babak's latest post is also summarizing this week's call from SentimenTrader and is building a strong case for the bears.