How are you holding up, Foolish reader?
Like almost every other investor out there, you're likely feeling battered and bruised.
But the very fact that you're reading this shows that you haven't given up on the stock market, and that's a wonderful start! More on that below…
But first, what a week it's been so far…
Iron ore was down 5% overnight to around US$53 a tonne.
Brent oil also crashed 6.3%, with further falls tipped for both commodities.
And the Australian dollar tumbled below US72 cents, and one stage even trading at close to US70 cents.
Oh, and of course, the ASX suffered its worst day in nearly four years on Monday.
It closed 4.1 per cent lower, burning more than $60 billion from the market's value.
Westpac Banking Corp (ASX: WBC) and BHP Billiton Limited (ASX: BHP) fared even worse, falling 6.1% and 5% respectively.
Ouch!
Elsewhere, hundreds of billions of dollars were lost on world stock markets on a day that has already been dubbed 'Black Monday'.
To top it off US 'fear index' — the VIX — also surged 45% overnight. It's now sitting at levels seen during the 1997 Asian Financial Crisis, the dot-com bust and, most recently, the 2011 crash.
But all is not lost…
The media always do a great job of creating fear amongst investors.
In light of the recent crash, some have even suggested that another "Global Financial Crisis is imminent".
Another article plucked from News.com.au said "Should we be worried? Absolutely."
But amongst all the doom and gloom, there are plenty of reports also highlighting the incredible opportunities such a sell-off can create.
To borrow a quote from The Sydney Morning Herald, "Those who wish to panic are welcome to do so; it makes those who are happy to buy when they see value, a little richer."
The Age also quoted one asset manager, Niv Dagan, as describing the bloodbath as a "complete overreaction". He went on to say that "This is not another global financial crisis. Fundamentals are strong."
Maybe investors are listening to these words of wisdom. As at the time of writing, the ASX is up 0.8% after falling as much as 1.5% earlier!
Westpac and National Australia Bank Ltd. (ASX: NAB) are leading the charge, both up more than 3%.
Whether the optimism will last is another thing, but it's a great start!
Right now, investors don't know what to think.
Will the market fall further?
Which companies will be hit the hardest?
Is this the beginning of a bear market, or the end of a much needed correction?
The truth is, no one knows the answer to any of those questions, which is simply adding to the fear.
Meanwhile, we'll play follow the leader based on the assumption that other investors know what's going on…
A market crash is the stuff of nightmares for day traders, those investors with margin loans, and those using stop losses.
But 'Foolish' investors will be licking their lips at the incredible opportunities already starting to present themselves.
With the ASX sitting around the 5040 point mark, they haven't been able to buy shares at these levels in nearly two years!
Of course, there's no way of knowing whether the market has further to fall, or what it will do tomorrow, next week or even next year.
But trying to predict short-term prices is a mug's game, and one that we'll happily leave for the day traders.
Here at The Motley Fool, we'll stay focused on the bigger picture.
We'll continue to look for quality businesses. We'll even keep recommending our best stock picks for members of Motley Fool Share Advisor to buy each month.
Finally, we'll encourage our members to hold for the long-term, because that is where the big money will be made.
Remember Foolish readers, a stock market correction doesn't have to be scary.
The smart investors who keep adding to their portfolio and reducing their dollar-cost average will be the big winners, over time.
Just ask Warren Buffett.
There may be some more short-term volatility. But if you look beyond the falling share prices and focus on quality-businesses, you should be able to generate significant wealth by investing in the share market today, at the cheaper prices on offer.
If you're wondering which stocks to buy, help is at hand.
This Thursday, from all the bargains on offer, Scott Phillips will name his top ASX buy recommendation for new money, exclusively to members of Motley Fool Share Advisor.
Coming on top of earnings season, and the market's vicious sell-off, this next tip has the potential to make you hundreds, if not thousands of dollars in double-quick time. Not bad for a modest $199 outlay, I think you'd agree.
