I reduced my exposure in stocks, due to volatile conditions. I've been seeing the same news way back when I first started.
However, the difference is that in 2008, there was a bubble (CDOs, Real Estate), at the present I do not see anything similar. However, I had a chat with a friend in the US, not the US we usually see on TV (LA or NYC), but the real united states (states between LA and NYC), my friend confirmed that he's taking up a masters degree because his college degree does not suffice, in order to get a job. So the news about unemployment in the US is a real and present danger in my opinion.
I pulled out because I no longer understand what is really happening. Better safe than sorry as they all say. But then again, I made a profit and not a killing.
Looking back on my psetips.com journal, I never made a killing, so probably I'm not really the person you like to listen to, I'm not a Jesse Livermore, who's will win big and lose big. But then again, Jesse Livermore has an advantage because his market allows short selling.
I sold all except MPI, not because I truly believe in this stock, it's just that I lost 2 digit percentage and I'm contented with the paper loss for now.
Good Luck. I hope I'm wrong.