What we may be seeing, as history seems to always show, is the sporadic waves before a long decline. Basically panic selling that comes with panic buying. The market, I don't think, ever "crashed" in a day, week, or even a month, but would take a year of declines to see the 40-50% total market "crash". (Aside from what people define as a crash, some think 10%, but we are talking a real crash). The global market is so volatile and sensitive right now, that when something big does happen, it won't be a good time on wall street for a while.