There is a common misperception that major price drops in the stock market means that a lot of businesses are on sale. The market moves down from 12,500 to 10,700 so there must be lots of bargains, no? Not so fast, grasshopper. Price movement down 20% by itself only means a lot of good businesses got cheaper. It doesn't necessarily mean they are on sale.
You must know the value of the business you are buying irrespective of what Mr. Market is paying for it. As it stands now, you might find a few bargains but at 11,400, but a 10% discount to the old price isn't much of a discount unless it was almost on sale at the old price.
Patience is a virtue for Rule One investing. The major danger to Mr. Market's prices is not past us. We are, as a nation, like a drunk walking on thin ice; unless there are really huge entitlement cuts, we're going to have to fall through the ice before we get serious about our situation.
When we fall through the ice, we will see a whole bunch of businesses really go on sale. We're a long way from that moment still.
No go play.