When markets are up the "Bulls" talk of how it's going higher with media attention. When markets are going down, the "bears" talk of how it's going lower with media attention.
In all cases you can buy stock in a long position, short stocks, or use options in puts and calls to make money in times of volatility. If you want to gamble, margin is available. In the end, markets have risen at roughly 8% per year. Some years are negative, some flat, some positive... Key is allocation for the long term, understanding volatility, using some of the portfolio actively for the times, and keeping some liquidity.
Invest for the future, save for the rainy day in liquid format, and take a breath.
Who knows, everything can collapse, but I'm buying with the mindset of quality positions are on sale. From a speculative aspect you can use options and/or short positions if you think the index(s) will continue lower.