Those who have followed the markets closely over the past few weeks have clearly felt the nervousness.
Although the majority of the companies' balance sheet season did not reveal any nasty surprises, only small impulses were needed to send prices down again and again.
Last week there were statements that a Russian military action in Ukraine could be imminent, and the Dax fell a good 4 percent.
The next day it closed again in positive territory.
The danger had been obvious for weeks, but nobody really expected that Russian President Vladimir Putin would take it seriously.
Now it has happened after all, the violent market reactions worldwide are a reflection of this astonishment.
However, no investor should forget that market technology also plays a role on such days with such news situations and reinforces developments.
When prices fall below pre-determined levels, selling is triggered that follows market and chart logic, not necessarily economic or company fundamentals.
In this respect, this Black Thursday proves that the market is right about all the uncertainty.
The downward movement will probably continue for a while.
But it will be the starting point for recovery.
Until then, it is