First take: Did Alibaba IPO mark a top for stocks?

"People waited in line to buy Alibaba because they think CEO Jack Ma is the smartest man in the world," says Donald Luskin, chief investment officer at TrendMacro. "Hey, everybody -- the guy you think is the smartest man in the world thinks it's a good time to sell stocks. And you want to buy? Really?"

Still, Luskin doesn't think the Alibaba-all-the-time storyline caused a market top. Instead, he says the booming-BABA narrative "signaled that a correction was long overdue." ...Luskin, for one, doesn't think Alibaba marks a major top, the one that leads to a full-fledged bear-market drop of 20% or more.