I would buy.
Reason for that: I believe we reached the bottom, and that happened the day Paulson plan was avalled. Now we are stagnating at the bottom, true, with small adjustments up and down.
If you do have a long term investment plan, I think this is an unrepeatable opportunity to buy. Prices will go up again (even though it may take years, and not just one or two): the deal is, if they go up again, you could make profits of x00% and become reach with a relatively small initial investments.
It’s up to your savings. I would enter the arena only if I have an alternative income that I can rely on to guarantee my primary and basic needs. And I still think is less risky than keeping your money in your bank account.