Chilly market? We're less than 100 points off the all time high in SPX (which was set last year). You could say the bull run is in its last stages, but it's far from chilly.
Though as another another article today mentioned https://news.ycombinator.com/item?id=11419281 much of the SPX is driven by companies buying back their own shares out of profits. It may be chillier for loss making unicorns that can't do that - see Box etc.
There is nothing more chilly than markets going up and down ~20% within 2 months with no major changes in fundamentals (or global/macro situation for that matter).
I urge you to compare the Q4 2015 -- Q1 2016 SPX chart and Q3-Q4 2011 SPX chart. 2011 experienced a similar sharp drop to recovery that we're going through right now that had a similar drop in IPOs.
