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If China stabilizes, U.S. markets will breathe a sigh of relief.

"Because the U.S. is the only major economy that shows some major level of growth, if the contagion in Asia is somewhat limited it will not hurt the U.S. economy," said Dan Veru, chief investment officer at Palisade Capital Management. "I can't come up with a scenario where our dollar is not pointed to as a safe-haven currency."

He sees two potential supports for the market: A delayed rate hike by the Federal Reserve and significant stimulus from the Chinese authorities.