Most people thought March 9, 2009 a bottom (unless there is a terribly bad news). Since then, market recovered over 25-30%. Experience shown that after the bottom, the market would grow average 30% within 90 days, and 80% within one year (of course not always like this). I think it is time to get in piece by piece with average cost approach, i.e. if you plan to invest $50,000 from now on in one year, better to invest $4,000 each month for next 12 months. I am doing like this now, and especially buy in when market down.
At the same time, one can build up (re-build) his portfolios, since many good name stocks are so cheap.
Good luck!