You could be the greatest developer, who has honed skills in every language and still be in bad shape. What you know has NOTHING to do with your ability to survive.
You need cash on hand. A lot of it. That recommendation about three months in the bank, you should have six months or better yet a year of your current salary. If you get laid off, you better start living lean. Cut every expense you don't need to make that money last as long as possible.
You need to have a network, cause skill alone won't get you work. Its quickly going to turn into "who do you know" and "who can get you in the door". It is vital that you build and maintain these relationships NOW, cause when it hits the fan, its going to be too late.
Honestly, the down has always been good for the bay. There is a lot of "medium talent" in the bay right now, and a down market is very much going to clear all of that out.