Markets fall a lot

The markets fell a lot today, The S&P 500 over 5% and the nasdaq by over 5.75%.
The down volume compared to up volume was huge. We are nearing a oversold condition on all kind of oscillators ( believe me there are many ). But the P/C ratio is not high and shows bullishness or at least not enough bearishness.
This tells me that we have more downside remaining, a break of 800 is a given in my opinion .
But IBM came out with good earnings and is up after hours by 4% and there were some other good earnings like CREE , so we might open higher. But where the markets close is what matters, so lets see.
We shall see what happens next. AMZN looks like a great buy at 45, but it might not get there. 47 - 47.5 seems more likely. Its going down on low volume , so I am going to buy calls on it once it tests the 45-47 zone.
Good Luck