Grim Reaper meets the US stock market

The European debt crisis has summoned the Grim Reaper to the US stock market. Stocks are taking a big hit today despite great bailout news from Spain. It seems that the market participants are more cautious about the bailout contagion which could spread to Italy.

- ITALY is next in line (perhaps)

- China cannot grow fast anymore (most likely)
China's growth was fueled by enormous infrastructure expenditures which cannot provide sustainable growth.

- US dollar strengthening might destroy Commodities prices which will affect commodities players.
- US debt to GDP improving (++++)

Emerging markets play is not as exciting as before.

What to do?

Wait for the US market to meet its deadly fate. The DOW should be dropping another 5% at the least from this level.

This is purely based on my opinion.