Should I panic on Lehman Brothers collapse?

Perhaps most of us are aware on what happened to Lehman Brother's last Monday. No wonder why PHISIX had lost from 2646.12 (Sept 12 close) down to 2352.37 (Sept 18 close). Well it did raise back at 2462.79 (Sept 19 close) but I don't think this will be strong enough for the index to raise back on the 2600 range and perhaps will consolidate in this range for this week. Worse scenario is it will retest it's low at 2300 range.

Should I worry? The answer is no since the only position I have right now is AC. I have already sold my positions on volatile stocks. Is this the best time to buy? IMO no since there is no clear trend that is happening right now on the index and as I've mentioned, the previous close is not that strong enough for it to raise back at 2600 range and perhaps could reach at 2300 range considering that there are some stockholders are still trying to sell their positions to bail-out. For now, I'll just stay away from the market.

As for my other investment instruments, SunLife is not affected (Sun Life Financial Philippines comments on Lehman Brothers) as expected. At the very start, my finance adviser had already told me that SunLife Philippines is a separate entity from its Toronto-based parent firm and their assets are invested locally. So whatever happens outside the Philippines would have no (or perhaps minimal) effect.