The dollar is strong. Oil is going down. The credit market is showing signs of release. This was nothing but panic.
A lot of fund managers selling off because there is a run on redemptions. They have to free up liquidity to meet demand for people cashing out. Comments like those made recently telling everyone who will need their money in the next five years to pull out now have not helped.
On the bright side, there will be lots of investment bargains. How many here think the Dow will be under 10,000 a year from now?