What your investment strategy amid US credit squeeze crisis affecting Asia? What to hold, sell, or buy?

US bank credit crunch affecting performances of several Asia stock markets.
Maybe a matter of time and relative degree, that Singapore market sentiments will likewise be jittery. How should these affect our investment thinking vis-a-vis what to hold, what to sell, what to buy? Thanks

consider shorting the market as for what to sell pretty much everything especially Financials. My money is on sidelines

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