Hunkering down is a great description. I am sick about my paper losses but try each day to focus on opportunities this market is presenting to us. There are some high yielding stocks that are going to maintain their dividend at least for the next year. DSX and some other dry bulk shippers are in that group. there are some regional telecom companies that are also great dividend plays - assuming that you believe it will be a long time before you can drive thru Iowa or Kansas without seeing a telephone pole. There are a few good regional banks that were never smart enough to get any significant exposure to the subprime mess. the point is they pay good returns today and their stocks are also depressed. Get the dividend and wait for the recovery. Their stocks will also appreciate in price during any recovery. If you need to take a loss - bite the bullet - if you can get both a yield and participate in a meaningful rally. My appologies to english majors reading this post.