Stock Market Crisis 2011?

Today, August 8, 2011, the stock market crashed on the first trading day since Standard & Poor's downgraded American debt.
Are we at the start of a stock market crisis in 2011? The price of gold went up and oil price fell.
Is the 2011 stock market downtrend going to continue or do you see a change in direction ahead?
The economy landscape is no very good but sometimes the market responds in the opposite direction.
What is your opinion on the stock market crisis?

It's hard to say. Economists and market strategists are still debating whether the debt crisis is temporary or if we're facing a deep recession that will affect consumer spending and corporate profits.
I think we're going to see a serious stock market crisis in 2011. Sentiment is negative and investors get rid of stock as soon as they hear the tiniest piece of bad news about the economy.
For now, investors are looking for safer places to put their money and for some reason they're settling on U.S. government debt.
The S&P 500 is already down 11 percent so far in the month of August. If it stays like that, it would be its worst month since October 2008.