As a mutual fund investor I have been advised that I can avoid, or at least greatly soften, the bite this downturn takes out of my investments by having most of my money in international funds, as a number of international markets are undervalued and on the rise. Love your show. Given the fact that nothing on the planet beat the returns on US stocks last year, you can make a case that international funds are attractive on a relative basis. However, while a member of international markets are undervalued and on the rise, a number are undervalued and heading down. If the US market takes a big hit, many foreign markets will drop, too.
Market timing is darned near impossible.
Your best bet is to pick a percentage you're comfortable holding in international funds, do it, and sit tight.