Anything with high volatility I am getting out of - like commodities being aligned to China/Idia (exception Coal) supposed continued growth. Though PEs are low for such,I just cannot see em continuing growing at slightly less levels as current. The US has its own problems, which fortunately for them, is not as publicly visible like the EU...although very much a concern. Implementing these austerity/fiscal reforms, with interest rates (in US and EU near Zero) and continued printing of money - there has to be an end game.... Hence, I am switching to defensive stocks: BTI, ASP, NPN, VOD, SAB...and a bit of GFI. Cash for sure...