I think it will be volatile and there could be a small rally or a big sell off. Maybe cool heads will prevail if US/EU don't implode.
I bought Alibaba this week, I'm not trying to pick the bottom but at these levels, it looks good for a 5 year + time horizon.
NZ market is holding up really well, the speculative stocks have been falling but most have barely moved. I think so far so good but if fear strikes, there is quite a long way to go for some with high multiples.