DON'T PANIC

A couple of things to remember, the hedge funds are having to sell assets, putting downward pressure on the markets. Europe and Asian markets have also fallen. But so has the priced of oil, if Donald Trump is right, it might fall to $20 a barrel. Lower oil prices will put more money in the people's pockets. The dollar is at a year high versus the dollar. If you have cash, you are relative richer. If you have stocks, you are relatively poorer.
The banks are still hesitant to lend, so it will take a while for the economy to recover. If you don't think the economy will recover, I suggest you buy gold, guns and bullets. For myself, I believe the economy will recover in a few years. If you have a five to ten year horizon, you should recover the value of most of your stocks. If you dollar cost average now, you will be buying stocks cheaply.