As Bess Levin pointed out in How to Think about Markets, and Your World, when your broker, RIA, CFP says it's okay now, realize they don't know anything more than anyone else. Say thanks and let them get on to their next call. If Hank Paulson calls, hang up.
Contained, my ass.
If you are trading, think immediate term. Think quality. Going long in a turbulent market is risky enough. Just getting timing and direction right is tough, there is no reason to look for moonshots.
The lessons of '29-'32; '73-74; '80-'82; '87; '89; '90; '98; 2001:
- Things take longer than you think they will.
- The good ones eventually come back, the junk never does.