Stock Market Down Turn!!!

How has everyone been doing since the stock market has gone down over 700 points lately? I am so glad I did not invest any of my money yet and now IMO is the best time for me to buy CHEAP and hold onto for long term investing... Hopefully you guys here are doing OK and did not lose too much or knew when to pull out and came out ahead (I know very few people who did this). I'm not sure how some people know or are supposed to know when to pull out but I guess next time we have a presidential election I will pull my money out months ahead of time.