I think Roubini's concerns are real, and now, finally, being manifested in the market. My guess, and it is just that, nothing more, is that we will eventually "correct" by a minimum of 8%, and more than that is likely. We are as yet only half way to the 8% point. But of course we will mostly ratchet down with some ups along the way. Roubini has been circumspect about timing, so let's let the current move play out completely before we get to smug about what an idiot he is. We are resting at a point of strong support at the moment, 1480 area. We may see a surprise rally from here before we resume our likely downward path. We're still technically in the up market channel but any significant further weakness from here can be expected to lead to much lower markets, as then the uptrend will have been officially broken. Let's watch and see what happens.