I have 0 positions right now and am trying to just relax and enjoy the fireworks.  I personally am looking for a good entry to go long with the vix as high as it is, but that will only happen in one of two situations.  I will want to see the market consolidate at current levels before making one final low on pos divergence, or  the market continues to sell off to new lows maybe even making it to sp 1040.  After a huge day down like today without a sizable bounce it tells me there is more sellers in the wings.  Have you guys noticed the large amount of money pulled out of the market recently? Besides that I think a lot of people got stuck with their pants down in long positions and were hoping for a bigger bounce to sell out (which is exactly why we didnt get a sizable bounce).  A move below last weeks lows will hurt nearly every long and could cause them to capitulate thus forming a bottom, but we have to make sure pos divergence exists on the vix and 60 min charts before jumping in.  thats just my opinion...