This is most likely a correction, not a recession. There will be recession in markets that depend on China -- the commodity exporters like Brazil, Russia, Venezuela, etc.
The US economy is actually doing quite well. Stocks are not overvalued, commodities are cheap, jobless rate is going down, and housing is at 2004 levels. Fundamentals suggest the bull market could last at least a few more years, yet cash levels are at their highest since 2009. This correct is a great buying opportunity for anyone who has stood out of the market for the past few years.
Indexes are down 7% in Dubai/Saudi and 3% in USA.