Fortunately, I think the equity and debt markets have already priced in failure. Therefore, when November 23rd comes and goes without a wimper from the Super Committee, I'm not looking for any significant downturn in the markets. (This, even if there is another downgrade of US sovereign debt -- after all, where are investors going to find a safer haven than the US at the moment?) On the other hand, if the Committee actually put a meaningful proposal on the table for the entire Congress to vote on (up or down) by December 23rd, the markets could move higher.
In the meantime, I'm maintaining investment positions pretty much where they are today --- 70% debt/equity investments and 30% cash.