Good funds/etfs to be in right now?

I'm sure most of you, at least those who have been successful at forex, have diversified your portfolios into other areas outside of currencies. I'm just curious - with the equities markets starting to tank, what are some good funds or etf's to be in right now, if you were looking at preserving or growing wealth in the next 6-12 months while the market most likely will remain highly volatile?

cash if you want to be really defensive; fixed income etfs maybe. if you're feeling aggressive, very small doses of foreign index etfs, especially australia. But please dont take advice from strangers on the internet..

Is this just the start!? I bought XLF. I figure if the banking sector goes under I am scr#(@d anyway. I am not going to watch a banking recovery over the next 3-5 years and not get anything from it.

I like double inverse S&P 500, it shorts the index at 1:2 leverage, but it should be played for best results, i.e short - then bank and step aside, repeat....

Oil and Gas ETFs going long will be a good bet soon. Watch Eur/USD go down, and turn, then enter up. It was as low as $73 tonight, very tempting, but patience, maybe below $70 soon, and below $6 on Gas. At least your money is represented by something real and in demand, and declining supply. OPEC will not let Oil go below $65 they said. War is coming next year. Gold will be a good buy around $600-650 this fall, that may be bottom for a good rally higher.

It would not do XLF, ouch. Wait until copper and silver have bottomed and begin to move back up as the first indication that the collapse is bottomed and bouncing, don't expect a V-shape return, more like an L shape.

I like Mutual funds, corporate bonds and gold.

I'll stick with my fixed income etfs