But if we look at the bright side of the road, it might be a good time to buy. I've been pondering recently about some stocks (like TASR, EXEL, TINY to name some) and today's hard beating makes me think that with tons of good company taking a 3-5% hammer hit (UPL, CHK, XTO, NVDA, PDLI, TASR etc.) there might be room for some picks.
I'm really bad at market timing though (URBN is the perfect exemple but not the only one) and I bet that if I buy tomorrow this is going to be black thursday all over again, whereas if I sit and watch there might be some sunlight on the Dow and the Nadaq within days.
So since I hadn't had time to research my potential buys and since I don't want to be the origin of an economic disaster (remember, I buy = the market sinks) I will keep my pile of cash in the cash account.
It's so tempting though, luckily earnings season should start soon and most of my holding should meet or exceed expectations.
Next big boost up (hopefully) = Earnings
Next in line (hopefully again) = Xbox 360 (MSFT + ERTS)