I'm not going to list off every single player but I'd have the following players as not for sale in January: Reina, Gerrard, Torres, Aquilani, Johnson, Yossi.
The following would be considered for sale (for varying reasons) if a good offer came in: Mascherano, Lucas, Agger, Kuyt.
I'd be actively shopping Dossena, Babel, Voronin.
The rest I'm either not too strongly in favour of selling or don't think they'd fetch an amount worth selling them for.
What to do depends on a couple of factors:
1. Firstly we're obviously in the shits financially at the moment. Do we need to restrict spending for the sake of the long term existence of the club ?
2. Our form between now and January.
If we continue our current run of form and look like we might struggle for CL qualification I'd be tempted to go for a fire sale. Get rid of some older, bigger earners then give the likes of Nemeth, Pacheco, Kelly, Ayala, Eccleston etc a chance to play themselves into the first team for the rest of the season. I could live with us finishing low down the table if I felt we were at least building towards something by bringing some of the younger players through. Some of them won't be good enough, that's inevitable, but if we got a few who were capable of Premiership football it could be worth it. Then if could add to them in the summer with the money from sales in January as well as having the benefits of saving a few million on the wage bill we could leave ourselves in a much better position for the long term. I don't think the current "strategy" is working, we never seem to be building towards anything and I don't see us being serious contenders unless we accept that we might need to take a step back before we can take two forward.