Indeed the next two weeks are going to be very interesting. Lots of commercial paper needs to roll over, fed meeting where I think they will hold.. Euroland may see the biggest fireworks.
The carry trade in trouble, with the yen pushing back up. Gold moved over 700 friday!! Oil pushing back up. So some commodity volatility in there too!
People are going to be scared to take big positions either way ahead of the fed.
The thing that bothers me — albeit oddly — is that a lot of the kids on Wall Street have no first hand experience/memory of 1987 and have had little contact with anyone who remembers 1929. They probably remember the dot.com implosion, but that was largely in a single sector.