If the panic selling doesn't stop within the first 30 minutes, it might not stop at all

The Dow is down 1,000 points, that's the kind of thing that gets mom and pop to hit the panic button. At the same time, hedge funds are sure to be blowing up.

Low volatility has seduced funds over the past year and some of them will be shutting their doors before long.

The S&P 500 is down 101 points to 1869.