This is why you wait to invest right now. The market is just sloppy right now and you have to be a pretty brave soul to tread into this quagmire. My advice to you is this, if you have some stocks you have been looking to get rid of, do it now. Sell on this bounce, because the market is going down from here. Take something off the table.
Some stocks are starting to look pretty interesting here. I still like Altria here. It is down with the market and there is no good reason for it. You can buy this stock on the dips. I haven't been a big fan of Google stock and was strongly advising people to sell at the $720 level (it topped out at $747). However, it is back in the $500's and went as low as $519. If it comes down to around $510 I'll have to take a very hard look at it. I also would love to buy into Berkshire. This is exactly the environment that Buffet will kick some ass in. Great long term play if you have the cash right now.