Within the Kudlow Report, it was indicated there maybe an $800B package in the works to cover the PIGS. (video) I have no idea whether or not this is true, but if it is, the markets will rally hard.
All the risks will remain, and inflationary pressures will ensue if the above is true. (Only reason why TBT is down is due to the PIGS, but TBT will bounce as this threat eases even if the ease is short lived.)
I think entering on declines is the best strategy right now. If we do not get this bail out, the markets may go lower, and I will keep entering as we go lower. If we get this package, I will be positioned as we rally. (For instance, I have been entering Citi on staged declines. I have one more chunk to purchase, but am waiting for a certain level.)