A caveat to my post:
Tim's portfolio on 12/7 actually had a correlation of 0 to the market. I think he knows this and did this intentionally by picking a broad range of equities such as foreign exchange, oil, gold and bonds. Not just s+p stocks. If so bravo- this is an exceptionally hard thing to do dynamically. My view is it's extremely hard to do this without futures so my post assumes correlations of 0.8-1.