The Chart of the Day published an interesting chart on the Dow's performance in the first year of corrections going back to 1900. They note:
"The first year of the current correction has been more severe than the first year of any correction since 1900 -- and that includes the correction that began in 1929.
[October 9, 2007] also marks the one-year anniversary of the current correction. The Dow put in its record high of 14,164.53 back on October 9, 2007. Today [October 9, 2008], the Dow closed at 8,579.19 -- down 39.4% from its one year old peak."
Source: Chart of the Day
I would like to think the selling is over done and we are at least due for a bounce.