Agreed, exporers are a risk proposition - and risk is definately out of vogue. That said, I think we are approaching a bottom prior to a santa claus rally ;)

I've sold the majority of my SGR @ 3.40+ and thankful that I did - looking to reload at $1.75-$2 for the run. In the meantime, I'd rather hold cash than anything else - including "secure" utilities, debentures, ETFs etc. My real concern is pension funds, mutual funds, et. al having to liquidate as this is likely 2008 all over again (or worse) and nothing will be spared (SGR .57 anyone?). So, it's 70% cash and 30% dabbling in inverse ETFs and puts.

Best of luck to all..