There is no denying the corellation between huge stock market gyrations and the potential for a crash. The circuit breakers will help prevent complete destruction though. Best to be hedged in some regard.
Yep, in 87 the Dow crashed 20% in one day if I recall correctly. People are under estimating the damage that could take place in a real crash. To add complication to the matter, the FED and the government are visibly involved.