A good article at The Fool about today’s plunge, and the big gains – especially in foreign markets – that preceded it.

Does this drop in the Chinese market really matter? A look back suggests it’s long overdue. The benchmark Shanghai index soared 130% in 2006 and hit another record just the day before the fall. The Shanghai Stock Exchange has grown to a market capitalization of $1.5 trillion, making it, quite suddenly, the world’s eighth largest (just trailing the Hong Kong Stock Exchange at $1.7 trillion).