Timely post from Dirk Cotton on the subject:
The Retirement Café: What I Do When the Market Tumbles
If you have such a high allocation to equities that market declines make you anxious, you own too much stock. Find the allocation at which severe bear market losses won’t keep you up at night.
To be completely honest, I wasn’t aware that the market had fallen 8% so far in January until my wife told me late this week. I don't watch business news – life is too short...I don’t labor over my portfolio value daily. I probably check it four times a year, at most. I retired to enjoy the remainder of my life, not to fret over the stock market.
Emphasis added. I wasn't aware the market had fallen 8% either, nor do I care. I reduced my SWAN PF AA to 40/60 last year for this very reason.
Also see the other links in his post for advice from other authors on market turmoil.