The Dow Jones was down 231 points overnight or 1.4% following weak China data and further Ukraine worries.
The Aussie market has followed suit, down by about the same percentage this morning.
I'm not a great one for second guessing the direction of the market.
However, a few issues appear to be pointing towards a challenging few weeks for the Aussie stock market, not least that the market has been on a tremendous run over the past 6 years, fuelled by record low interest rates.
As Westpac and others have noted, bursts of quantitative easing in the US have quite rapidly sent the market on an upwards trajectory in the past.
Therefore, it would seem logical that as the stimulus is tapered back by the Federal Reserve for a third time, there may once again be downside risks for the equities markets.
And the appreciation in the US share index has also been on a stratospheric trajectory, so who knows whether that can continue?