The Dow dropped to below 8500 today before rebounding back to where it started the day. All in all, a movement of more than 4% on moderately heavy volume.
For what it's worth, I'm putting my marker down here. This is the bottom, in my humble opinion. It may churn for a while, but from this point there will be a steady climb that will pick up speed as the earnings reports come out mostly better this quarter.
All of this wailing and gnashing of teeth, of course, is due to the discovery of the horrible truth, unforeseen by so many, that businessmen act like, like, (gasp!) businessmen! Naturally, it will take investors some time to get over this.