The volatility will have to come to a head sooner or later.  I wonder if it's possible for us to see a 1000 point loss in a single session.  This surely would scream buying opportunity to me.  With electronic trading being so wide spread, I wonder if it's even possible to see a drop that dramatic in a single day.  I think far too many deep limit orders would be triggered and shorts would begin to cover.  And for the record, a 1000 point sell off isn't not even a crash.  A crash is 20% or more I believe, which means we'd have to shave off over 2000 points.  At this point 1000 points off may be healthy.  There is obviously a lot of indecisiveness in the market right now. It does make it pretty interesting to watch though.