Once Mr. Tooth Fairy fails to deliver at Jackson Hole, you could see another shoe drop. Europe is beyond hope unless they issue Eurobonds and let Greece, Ireland and Portugal go.
Too many people still stuck like deer in headlights, believing we are already half-way through this market decline and that it is "too late" to sell. sure you can hedge, but it will cosgt you dearly and knock several percentage points off aggregate return. Some funds,other than Paulson, will also likely be going to their investors saying: We've lost about one-third of your investment this year.