This certainly seems unpleasent...

Current Market Turmoil: Non-Priceable Knightian “Uncertainty” Rather Than Priceable Market “Risk”

If that makes any sense to you, and you aren't invested in golden mattress funds, time to be scared. Listen to what it said:

This distinction between risk and uncertainty helps to explain the recent market panic and turmoil. Today, the FT cites a market economist at Lehman who said: “We are in a minefield. No one knows where the mines are planted and we are just trying to stumble through it”. A few days ago another market participant put it this way: “It is not the corpses at the surface that are scary; it is the unknown corpses below the surface that may pop up unexpectedly”.

How many, and how big?

A big squeeze is going on. Who's the squeezer, and who the sqeezee goes way deep. Who will pop up next?