Let's not forget that margin levels are higher now than in March, 2000.When the repo man starts calling then we will see this much lower. I haven't seen any panic selling yet but we are close. You would be foolish to stay long or go long until that happens.My take is the panic comes tomorrow about 1-2 pm if we have another down day. A couple more days down on the Naz 15-25 points and the selling will be in a freefall to meet margin calls.Smell that? It's the smell of F-E-A-R. And some of you should be afraid! You have had a good run. Let it go for a little while. It's not going anywhere.