Wholeheartedly agree. I have been keeping a lot of 'dry powder' at the ready in order to capitalize such a dip, but I am actually still looking for some more downside before committing more capital. I have only 'nibbled' over the last few days. While nothing is guaranteed, these short term pullbacks are mere bumps in the road when your time horizon is 20+ years or more.
That being said; I am not naive to the fact that the Fed policy of abnormally low interest rates is a major catalyst in the market's meteoric rise over the last 6 years. Stocks are the only game in town for yield while interest rates remain artificially low.
I’m about 50% cash...I’ll throw all of that into ETFs next week if we get another 5% dip. Monday/Tuesday should be interesting.