To me, personally, the market being 3% down for the week is nothing to write home about. But when I see a sea of red in leading stocks, many down more than 20-30-40% from recent hights, I worry there may be more to it than looks like. INTC down 30% [Edit: in a day] (45% from recent highs), new lows for the last decade, etc.
Yeah it's tricky right now. There's a lot of what appear to be bargains. We've been here before B. I think for bargain hunting today, go with the value plays that have been knocked down even lower. That's my take at least.
I am a vol-guy. I am long upside in OTM fly-structures. Shorting body vols of 36 in NDX, slightly asym-on strikes. Max risk is 4% downside. Pinning say 18900 is a 15-bagger on risk. Mostly in SNO. Fixed-strike vols will drop 700beeps if that touches.