I'm not a trader but I know a volatile market especially with the euro countries, it kills us. Example is the day before we were NYSE was up today it's down -120. We've taken a huge hit in our mutual funds and 401k. I'm not a big risk taker.
We've only seen a 11% correction to date, most of that has been recovered.
There has been some massive blow ups on individual stocks: TPX, RAX, CMG, NFLX, WYNN, GMCR, LVS, IBM, INTC, SNDK
Same thing happened last year, the market rallied up on low volume going into options exp (ended this week). After options exp things got really ugly. I expect the same result this yr and would not be surprised to see a repeat of 2008.
Protect your profits, put stop losses in so you're positions aren't underwater. You can always buy back at the lows.