If LEH goes under, what is the play? If we see a bloodbath in the SPY's then in my opinion we'd finally be getting close to a capitulation low. It's my opinion that the markets need a REAL failure to flush the system. Things always have to get worse to get better and continuously having the market saved by interventions and new regulations will not lead to a long-sustaining recovery. If LEH fails there will be an absurd amount of forced selling in the overall markets which will indiscriminately take the market to a point where, in my opinion, a real recovery can begin. I'm curious to know what other traders are looking for. I would like to see the VIX well above 30, another 90% down volume day, as well as a few other key sentiment indicators.