The same question could have been asked post 911. Those who turned off CNBC and went long made a killing in the next three years while those who panicked looked like fools.
The market is oversold? Absolutely true. But it can remain undersold for some time, it even could become much more oversold.
A lot of indicators/systems with very good track records verify we're near a bottom. Now, it could be a short-term bottom. There's no guarantee we'll see a huge rally. But short-term indicators with very high accuracy rates are giving buy signals.