like sheep to the slaughter people buying now, page-55

Sell your specs into rallies (if they do) unless you really believe in their story (on the basis of solid research or the recommendation of an authoritative source - such as Fat Prophets) and are prepared to hold for a year or more as required.

Hold (or even buy more) stocks in companies that are solid and currently producing a relatively downturn-proof commodity - Ag products (increasing numbers of mouths to feed internationally), Gold (always good in a crisis), and Gas/oil (people are not going to give away their cars, hot showers, and heaters) - and Gas/Oil are becoming more scarce.

Don't sell quality stocks at these prices - so what if we have 5% or even 10% further to fall - it is almost impossible to time entry and exit points to recoup more than a few percent of that, and you may miss out on dividends while you are out of the market. I have a couple that will pay back their purchase price over the next three years in their dividends so why would I ever sell those even if they MIGHT fall another 10%.

IMO we do not have 5 or 10% to fall. Goldman Sachs, even given the turbulence in world economies, still forecasts Aust to GROW 3% this year and 2.75% the next - and our stock are already oversold.

Panic merchants don't help anyone.

Looking at over 30 reports by a number of excellent share market advisors today (inc Fat Prophets, RBA, Bloomberg, Goldman Sachs, Merrill Lynch, several brokers, banks, universities, expert reviews in financial papers - overwhealming sentiment from them was:
1. Hold your good stock and buy more if you can.
2. Don't sell now as most stocks very undervalued.
3. This is probably the bottom.
4. Expect turbulence but should sort itself out by end of year if not sooner.
5. Aust market will only be minimally affected by subprime and US downturn.

NOT ONE said the market was destined to enter a prolonged bear phase (> 1 year) or that the market was likely to fall much further.

I take the weight of information from those sources as much more authorative than that from a few traders that have cashed up and now want a cheap entry.