With all the news shifting to grim reaper mode - historically, this should be the time to buy.
In January, when I can put back into my 401K again, I am cranking up my percentage to the maximum allowed by my company. We're also fully funding our IRAs. Buy low, sell high. We are trying to tighten the belt so we can pour more into the markets. If you have time to ride out the market - I personally believe buying at these levels will prove to be a wise investment. We're in that "under 40" category, so we're trying to be as aggressive as we can.