It was a nasty week for the market, but at least we now know the dominant direction.

So when to start buying? I think the Dow finds support at one of two previous places where it last bounced: 16,300 or 16,000. I’d probably start buying a bit at the former and a lot more at the latter if it gets that far.

Procter & Gamble (PG) has been miserable for a month or so. But good earnings gave it a pop on Friday. Look for more to come in the next few weeks.

On the flip side, Facebook (FB) has been soaring. It went nowhere as the market sank but did fill the recent gap. That all tells me it’s ripe for a reversal and more gains.

Back next week to see if the market can right itself.

Gary B. Smith joined FOX News Channel in 1999 and is currently a regular commentator on "Bulls & Bears," including his own segment called, "The Chartman."