Incantation in prior post fails

Equities dog paddled around keeping their head above water for most of the day, but finally got tired and went under. The averages took another hit of consequence. Financials stayed under pressure and a slower economy as a result of this self-fulfilling decline in values began to get factored into other industries. At the moment I can think of only two possible positives:
---Looking at a sample of stocks that were under pressure and declined materially, many had volumes that were below their three month average(this does not apply to the obvious financials). That could mean that buyers are on hold and sellers are slowing down. Ready for a rally?
---Bill Poole, President of the St. Louis Fed, had a chatty interview on Bloomberg radio just a half hour ago. This is not a random happening. He was relaxed and informative to a degree. When a question was asked that went something like this, "Wouldn't it be a problem for the Fed to cut interest rates when just on last Tuesday you confirmed rates as they were and more or less continued to maintain a posture with a bias to raise, as inflation was the biggest concern?" and the answer was, "No that wouldn't be a problem. What we do is dictated by the data, and if the data supports any type of decision, acting on that data is not a problem."

So is the selling at least slowing and the Fed jawboning, and ready to move if this goes much further?