The equity markets sold off sharply today on fresh jitters about the sovereign debt of Italy and Spain.
It is also quite important to remember that stocks have been very overbought short term and were ready for a correction.
"All the world marveled at this, and gave their allegiance to the Beast. And they worshiped the serpent, for giving such power to him, as they also worshiped the Beast. 'Who is as great as the Beast?' they exclaimed. 'And who is able to resist him?' And the Beast was allowed to commit great blasphemies against God."
Revelation 13:3-5