Yeah, this might be a good time to get out of any shaky positions. Resist the urge to panic, wait for the inevitable bounce, and sell into the rally. This market looks like it's about to keel over. Build cash and hold off on trying to start anything new. This is the time to be patient and wait for attractive entry points. If you're bold enough, you may even think about going short while you wait.
I closed those Facebook puts I had to offset my losers. A 50% gain in less than a week is good enough for me, and I can have another bite whenever it rallies. Groupon got annihilated today as its lockup period expired, which meant a bunch of people bailed while there was still some value. Watch for Facebook to react the same way...
One group I'm looking at for bottom fishing is in steel makers. Most of the stocks are at multi-year lows and should give fantastic returns once the global economy gets going again, which may not be for a year or more, but it pays to be patient. Doesn't hurt that most also have fairly good yields. ArcelorMittal (MT), US Steel (X), AK Steel (AKS), and Nucor (NUE) are on my watchlist.
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Black Turtle power!