..keep your money out of the market.. No offense, but I strongly disagree, the market is where you want your money right now. Just diversify and think of all the bargain companies that are unrelated to the financial firms in trouble. MSFT has been a steal for a long time, with over $40 Billion cash on hand and no debt. There are a lot of companies like Microsoft out there who have been held down because of other stocks bringing the market down. There is a lot of money moving out of the big financial that need to go somewhere. People will be looking for stocks with strong fundamentals, like Microsoft (for example) to move money to.
Warren Buffet had a good philosophy- when people panic- Buy. When people are greedy- sell. It seems to be better than the old 'buy low, sell high' mantra..