I am not so sure if the market is done going down. In fact, I do not think we are done here. I think S&P 600 is very possible which is just scary if you think about it. That being said, you just never know when the bottom hits. I am not suggesting it is time to run into the market, but there are certain stocks that are probably pretty good buys here if you can just put them away and not look at them for five years.
What do you ask are these stocks? I have written before, I want to own the maker of stuff. That is, I want to own companies that are actually tangible. These are not the consumer names like Apple but rather the mkers of things like steel like US Steel (X) or copper miners like Freeport-McMoRan (FCX). I think energy has found a nice little bottom now and want to look at energy names like Conoco Phillips (COP) which will do well when everything rebounds and we suddenly realize we all still drive cars.
I am not advocating running in tomorrow and buying everything in sight. You have time to make your move, there is no doubt about that. Even if the market makes a 10% move tomorrow, it will come back, so do not just run in.