Aside from temporarily hating all stocks, I see is one small silver lining.  Stocks are down and yet, bonds (in particular the 10yr) are down!  This is potentially huge.  I blogged yesterday about watching when the market does not do the expected and this classifies in that heading.  Bonds and Stocks have less than a -70% correlation.  If we see that breaking down, that could signal that the "flight to safety" that it represents is breaking down a bit.  At some level of stock valuation, the market will not want to hold bonds.  Of course it could also mean the decline of the US led world - but, I do not think that is the case :)

Just a data point, but let's keep an eye on it.