The best feeling is to hold cash on days like today. 2016 just getting started still lots of uncertainty in the US market and US$.
Question is when will oil or the market bottom? The hardest part is not to buy when everything drops so much.
After 2008 the rebound for banks were quick with massive QE injection into the market. For the TSX I am not sure anything is safe anymore. Even REITs will get hit at some point with retailers not doing well.