Low prices are back in Chinatown. Chinese stocks in the U.S. have had in general a bad year, of course there are always exceptions but in general between minus 25%-30% compared with the closing price of December 31.
What comes down will always come back, maybe not this year but in some years. Or maybe never but than we are all doomed. If you look at today's situation as an opportunity to buy rather than follow the crowd by selling I think in some years you can go to Las Ventanes al Paraiso in Baja California (Mexico) to retire from your profits.
If you run some valuation screens at http://www.fixyou.co.uk/valuation_main.php
or http://www.fixyou.co.uk/valuation_otc.php you see that a lot of stocks are traded at bankruptcy prices.
My advice for the contrarian value investor would be:
1.If you have cash to spend, buy into weakness.
2.If you are already invested, sit tight and don't sell - unless there are some red flags about a company. Stocks with sound revenue and earnings growth will be come back if the markets improve.