[masraum]

If you have a decent sized 401k, and you are close to retirement, then I would also be a bit concerned. I'm not that close to retirement, and I've wondered about trying to protect some of my gains by moving stuff around. The problem is that we could be wrong and this could keep going for a while or it could happen tomorrow.

What I understand is that as you get older and closer to retirement, you should be moving money from equities into bonds to protect it for just the reason that you are concerned. Then if the market does decline, you can leave the money in the market until it recovers (because it always does) and use the money within your bonds.