Might I suggest that everyone should be mostly in cash/gold for the weekend (6Aug2011-7Aug2011).
The US market could certainly recover (and it is appearing to now, 1330 EDT 5August2011), so you may miss a really big rally, but it is a crap shoot. Sell into the strength, if it is still there when you read this.
And gold could certainly go down, since some of its gain is speculation. But the small drop yesterday in gold I believe was mostly driven by institutions selling to raise cash to cover other losses.
I began unwinding my stock positions last week (mostly out of LVS), moving more to cash, gold, and slowly into a small amount of leveraged financial institution bear (FAZ). I actually took profits on 2x gold (UGL) today, just because I had a very large amount and was getting a little concerned about “unknown unknowns” over the weekend. Currently I am at about 40 percent cash (unusually high for me), 20 percent gold (GLD), 20 percent 2x gold derivatives/futures (UGL), and a speculative 20 percent in the leveraged financial institution bear (FAZ), which is still positive today even with the recovery of the last hour.
I am positive on the week.
This is not advice, you may lose your shirt, nothing is guaranteed in investing or life..