Five days have passed since the first presidential debate, and it’s now clear the race is tightening. The CNN/USA Today/Gallup poll, which had previously given President Bush an eight-point edge, now shows a 49%-49% tie.

I’ve cautioned you lately that the stock market’s rally off the August lows was running out of steam. A pullback lasting more than just a day or two was becoming almost inevitable. Yesterday’s sharp drop provides a strong hint that the “correction” has started.