If you haven't already gotten out of the market, it's too late. Why lock in losses? Too many people panic when they see the type of news we're seeing today about a worldwide stock market bloodbath. They get caught in the buy high, sell low trap, loose their shirt and stay out of the market until it looks safe. When will it likely look safe to these would-be investors? The next time the market is nearing its highs. Then they'll get caught in the buy high, sell low trap again. It's a vicious cycle for many uneducated investors.

For the savvy investors, tomorrow will likely be a buying opportunity. An opportunity to find the many jewels that will be out there. Companies will be beaten down, even though their fundamentals are strong, because they are caught up in the frenzy to get out at all costs. Do your homework today, review your watch lists and find what you think are the best bets and watch them tomorrow. If their stocks tank, buy them. Remember, all of us want to buy low and sell high in order to make money on the stock market.

Have we reached bottom? Probably not, but if you're waiting to find the bottom you'll likely miss out on the next big jump in the stock market. Few traders can actually hit bottom exactly at the right moment and when they do I suspect luck plays a big role in their picking right. You can read more about the failure of market timers in this excellent piece by James K. Glassman.

Good luck and good picking. Tomorrow may be a great day to find some good bargains.

Lita Epstein has written more than 20 books including "Trading for Dummies" and "Reading Financial Reports for Dummies."