From a purely fundamental perspective, I think weak earnings are going to crush the markets. Most of you probably have a basket of long term holds that won't part with no matter what happens, some riskier assets that you chased on momentum, and then those short term plays you strictly trade. Competent traders are going to be king of the mountain for a while here. Taleb and his followers may strike gold in short order, too. One thing is certain; if the earnings' season progresses in as consistent a manner as it started, we're headed much lower.