For the fourth consecutive night Jay Leno did a comedy riff on the scary state of the stock market during his opening monologue on "The Tonight Show". This is very unusual. I think Jay is mirroring substantial popular angst over the stock market's recent 15% drop.
Current levels (yesterday the cash S&P 500 closed at 1068) will look cheap six months from now. This is a buying opportunity for the aggressive contrarian trader. But since he still has an above average long position carried from 690 on the S&P last year no action is required.