Hi Jazz ...IMHO we need to remember most folks with portfolio's will exit long before a 30% drop such as XJO since the 2007 high. Of course there will be those in the 'hold and hope' catagory who will be suffering.
Program traders kick in usually at the 10% level and 'fundies' sold stocks down hard to fund 'switching' and 'redemptions' in the flight to cash.
There is also a feeling that SHORTING of an aberrant nature occurred.
