As I read the tales of woe on this board and others, I can't help feeling a bit smug about being a technical trader. I'm sorry about feeling that way, and I do commiserate with those feeling the heat right now, but for people who trade technical systems, it is business as usual, or they are all cash.
This isn't meant as gloating, but for people to consider some technical aspects, even if a fundamental trader. Long termies need not worry, if indeed their view really is long term; even if there is a lot more downside the market will eventually recover.
A well designed long only technical system will have the trader largely or wholly exited from the market right now, and fears of margin calls and suchlike will be the furthest thing from their mind. Swing/day traders will be taking opportunities, whether long or short as they present themselves.
So up for discussion, the good sense of technicals in crappy markets.