We're in the neighborhood of the lows on the Dow from last fall (around 7550). Its a little tricky to say whether or not we'll bounce off these lows because the Nasdaq and S&P 500 aren't near their lows, which is a bit interesting.
Personally, I think we're going to see a pretty significant bear market rally upcoming. Its not necessarily a good buying point if you're looking to get into index funds, or larger purchases, but there will be an opportunity nonetheless. I'm just going to go with the flow here. At times like these, I like to stock with names I'm familiar with, and how they trade. I bought some stock in T Rowe Price (TROW) today, for a trade. It all depends on your situation and what you're comfortable with.
I'm reading some interesting things. Doug Kass said he is now slightly net long and is under the same viewpoint as I am about this market.
Nothing is for certain right now. We could be 10 percent lower this time next week. But I'm just going by gut feeling right now, with very small positions. We'll see what happens...
Disclosure: Long TROW