Why, insisted CNBC's best dressed pom-pom boy, China's stock market has never been correlated with its economy, and, anyhow, its economy doesn't matter all that much to the S&P 500 because China accounts for only 14% of global GDP.

Besides that, China's stock market is exactly like what Yogi Berra said about his favorite restaurant: It's so crowded, nobody goes there anymore!

That is, according to the talking heads Chinese household's don't go to the bourses, either. Few of them own stock and equities account for only 20% of household wealth compared to upwards of 65% in the US.

So enough of the schwitzing about the red chip sideshow. Buy the dip!