Stock market panic?

There was a massive panic in the Tokyo stock market last night over an investigation into a relatively small dot.com company. It force the Tokyo exchange to close early. The US futures markets are down significantly as well. Something else must be going on -- or maybe it's time to buy. I'm waiting.

Update: As, usual, I shouldn't have waited. The Tokyo market rebounded yesterday.

Update II: Well, now it's back down again, so maybe I'll get a second shot at it.