A lot of the worry comes from those in the market for the short term. If you are young, ride it out. Unless, of course, you put all your money in telecom. If you got in for short term gain, well, it doesn't look as good. I kinda feel for the people that were near retirement and lost their ass.
Don't be afraid to invest for your future. Don't invest in the "latest thing." No one strikes it rich in the stock market quick. Well, a few did, but it is rare. Look at everyone burned now.
You are as likely to make quick, large profits in the market as you are betting on football. Then again, I did pretty well with the Patriots...