I don't think it's going to be that bad. It is more of a flight-to-sanity. LNKD with 1000 p/e ratio wouldn't last forever. The same for many other MoMo stocks. It is only "bad" if all your holdings are in MoMo stocks.
I think this last week and this coming week are selling pressure as people prepare to write checks to the IRS for gains of 2013 and need capital for that from the large gainers of last year. If anything, the real issue is how the Fed/Yellen do on Wednesday. That is key to what happens next. What doesn't follow a 30% gain year in the market? Another 30% gain year. I'd be happy with a 5% market gain this year. We are looking at a small increase in interest rates and so this should keep things in check in terms of growth. We need to be able to handle a year of flat growth. No ecnomy grows forever. Trade the volatility - the options market is looking forward to sideways trending with some ups and downs.