But I would reduce equity holdings and hold higher level of cash for a while.
Long term treasury was extremely oversold, giving this news I think we shall see some meaningful rally in long term treasury in short term (bearish long term).
If there is indeed no QE3, funds will reduce their risk trades that they put up in last two years for sure. So we need to avoid the first wave of that when these funds start to unload (we probably start to see that in the market already).
For the money still in equity, I would seek low beta and high dividend big companies. Utility/Health care tend to do well in down market.
Over all, I need to take some rest off the market for a while to think. At this moment, I don't have much ideas.