I've been "letting it ride" in the markets since 1982. On paper, I am very wealthy. I have sold very little stock since then. Almost always buying. When stocks drop, it's actually good for me because dollar cost averaging allows me to buy additional stocks at a lower price. Then I ride them back up.
Buy the dips. Most people I know who make money in the market do two things: buy when everyone else is selling, and sell when everyone else is buying. This correction seems to be all psychological. Stock prices moved too far too fast. That seems to apply only to the upside, because wipeouts take a few days while gains take months. But the fundamentals look oaky, low inflation, low unemployment, decent earnings.
There has been an incredible amount of huge put orders coming through from brokerage houses for orders that extend deep into next year, some of them fairly far out of the money and the open interest in calls for those periods is not a lot. The big guys know something. I just go where the winds take me.
One of my mentors had a buddy that made tens of millions on the floor in 2008 because he simply bought puts when he noticed all the big brokerage houses buying puts early on. He thought it was strange but thought "hmmm...someone knows something I don't." Well, the big guys right now are spending billions to short the market next year. In one particular case, I watched one order go through last week that was $270 million...on a short for next spring. Don't know where it came from...but they don't do that if they think the market is back to 26K in 6 months (like one Freeper predicted). They didn't get filthy rich by being stupid. They did it because its a criminal enterprise full of insider trading and they know what their plan is ahead of time; to fleece the average investor.