This stock market panic may continue until:

1. credit spreads start to narrow
2. the VIX begins to decline
3. the yield curve becomes steeper

At the moment, all of the major indicators discussed in TIMING THE MARKET (John S. Wiley & Sons, 2005), are negative and getting worse.

Fundamental economics are good: corporate earnings are strong, interest rates are low, the dollar is weak and the price of oil has declined. All of these items will, probably very soon, reverse this stock market.