I am convinced that the next phase of the "nassacre" probably will not occur until AFTER some of the Iraq uncertainty has been removed. That could be a matter of days or a bit longer. A market plunge under these circumstances probably will trigger the kind of panic selling needed for a good bottom IMHO.
“The things that will destroy us are: politics without principle; pleasure without conscience; wealth without work; knowledge without character; business without morality; science without humanity; and worship without sacrifice.” Mahatma Gandhi