As nervous as my wife and I are about investing in the stock market, especially my wife, even she wondered if we shouldn't invest now in some stock funds. Seriously, if the US stock markets collapse, the whole country will collapse. Probably won't matter if we have investments in stocks, bonds, or cash at that point.
My only financial advice right now is that the market is acting like a hormonal teenager: Nothing will satisfy it, and its going range all over the place.
Wait until it starts acting like an adult again.