Consider

• The S&P 500 is down 10% over the past five trading days.
• The VIX had risen 40% to the high on the index today.
• The BKX closed at 12 year lows (though not on an intra-day low, which is coming).
• Down volume to up volume was 29:1.
• Bank of America and Apple are getting whacked in the after-market.

The market appears headed for a re-test of the lows. If the re-test is successful, we probably are at the bottom.  If it is not, hit the replay button on the last four months of 2008.