Okay, I'll bite. :-) Of course it's a buying opportunity. There may, or may not, be a better buying opportunity in the next weeks or months. I don't have a crystal ball. But consider:
Much of the problem now is that the market is focusing on the "fiscal cliff." There will be a resolution, but it won't be until late December at the earliest--politicians being politicians--amd it may be a messy resolution. But a resolution will come--politicians being politicians. When it happens people will discover that their feared disaster didn't happen.
Right now, dividend stocks are being hammered. People are afraid that their favorable tax treatment for dividends will end. But, in the end, they need to find that income somewhere and other options aren't better.
And PNC does pay a dividend--about 3% of investment if you invest today. Sure, a drop of $2/share wipes out a $1.60/share dividend, but you are still collecting that dividend on your original investment. Probably, the dividend will increase in April.
I realize your cost basis is higher and understand your frustration. I really do. But you asked for someone to make the case for buying now--not in 2007. :-)
By the way, the very uncertainty of the markets and the volatility of stocks in general and PNC in particular, is why I advocate investing small amounts over time (dollar cost averaging) in a diversified balanced portfolio. You make more money over time than with a constant in-and-out strategy based on the tea-leaves-du-jour.