Still Just A Panic Attack? Yep

A few weeks ago I opined that the sudden equity selloff was just another panic attack, and unlikely the start of a major rout or a harbinger of another recession. It's now turned into an official correction, with the S&P 500 down 10% from last month's peak. Has anything changed to make the prognosis worse? Lots of things have changed, mainly equity valuations (which have improved significantly), but the underlying fundamentals are still healthy and therefore at odds with the market's apparent level of distress.