Lots of traders and funds still on leverage. It will take another 6-12 months for this to unwind just like 2001. Even stocks with great fundamentals will get cut down to size and may never recover for years. The market will probably visit the lows of 2002-2003. Sad, but everyday that passes its an obvious reality...
Why is this sad? I mean if you have any cash and the market actually corrects to reasonable values, it is great for investors.