Two bad news events at the same time? This is insane. And there are still people who think this wasn't planned and that we're done.
Look back at history: every time, there was some strange FUD. Chinese FUD used to be a popular one, shaking the whole market. Later, when people got used to that kind of FUD, they introduced a new one.
FUD, no matter what kind, always has the same purpose: to shake out retailers. The current FUD is no different.
Don't let them shake you out. Deploy what you have in spare funds.