Is that enough of a drop for you? It certainly will be a huge hit for the energy stocks I'm in
Nope. It was down when I shorted the market. I need the S&P 500 to go down another 200 to 300 points. Then I might get happy.
On the bright side, once it goes down, it eventually bottoms out and goes back up. I tried to explain this to my sister who retired recently. She seen her IRA get cut in half last year. On the very day it bottomed out, she panic-ed and bought an annuity that she's stuck with for 10 years. If she had just stuck it out, all of her money, and then some, would have recovered.
My 401k, when I see things like this comming, I put it all into a guaranteed fund that doesn't lose money. Then when it starts to look rosy again, I move it all back into high-risk mutual funds.