I don't think so. The reason we kept bouncing off the low 8000s on the Dow is because there are real money buyers who are buying stocks there based on fundamentals like P/E ratio, expected earnings, etc. These guys are going to hold on to their portfolios for a while, rather than sell out for a quick buck. The type of guys who would take profit after today are hedge funds and other fast money types -- but they have had to give back a ton of money to investors, and their power to move the market is now limited. Even if those guys take profit tomorrow, I don't think it will noticeably hurt the price.

How many of the fast-money momentum investors do you think are still in the market? I would think that the large-scale losses have just begun (well, not just, but we still have more of them), because retail customers are starting to get scared and pull their money out of funds. Even though the fund managers themselves are value investors, they're only as strong as their weakest backers, so they may be forced to sell shares (even when they'd rather be buying) to meet redemptions. But then, you're closer to the market than I am, so you'd have a better idea whether this is actually going on...