Prices are only bargain basement when they are cheap, on a...

Prices are only bargain basement when they are cheap, on a historical PE basis the US market has only started its slide and any knee jerk reaction at this time is only that and will not be sustained.
In the short term throw in an oil war and the port lockout, even if the wharfies are allowed back in they have said it is work to rule as far as safety goes so the backlog is a long way from being cleared, hence more pressure on US company profits as industry grinds along at a reduced rate if at all.
No increase in profits no lift in the DJIA.