Crazyness in the Markets

Yesterday, I decided to short the S&P500, which is essentially a direct bet that if the broad US markets go down, this trade will profit. Today, everything seems to be falling apart with everyone worrying over possible contagion from the Greek bond markets (Greece is going bankrupt and their bonds are becoming worthless). Also, when I got off my plane in St. Louis today and turned back on my iPhone, all my stock charts had a strange and very deep "V" in the middle of the afternoon. WTF? Apparently all the major markets lost 8% of their value in minutes and then immediately gained it all back. It makes no sense. Something's very rotten. Anyway, the markets closed down close to 3% for the day. I suspect until all of this stuff with the European capital markets figures itself out, investors are in for a rocky several months. I'm tempted to increase my bet against the market tomorrow.