I find that I can only really concentrate on one thing at a time. So when the trend is down for me not to go bonkers I need at least something going green when rest is red. That's why I have had a small basket of puts (and calls) going through this. When I bought the basket of long term options it was long enough ago that volatility was low and about 1/4 of Calls gained enough that in hind sight I should have sold them. Turns outs the bears then had their field day and all the puts but about one made money. I still have many of the calls but even with all the time left on some of them winning on them is iffy.
I also had a fair amount in cash and fixed income. I even sold some stock. Now the trick is getting back into the market. Fortunately after I reset my indicators I only need about 15% up to consider it . Until volatility slows a lot I think a reduced stock exposure suits me just fine. I look at the cash as just part of what's available for the next 7 years of living expenses should we need it.
Josephs Pharaohs dream of the 7 fat years (fat cattle and plump corn) followed by 7 lean years is a strong visual image right now. I personally expect things to be better soon if we base stock prices by say 15x annual earnings, only problem is revving up the economy means they have to sell something we want. We need new life altering inventions.
I do remember how depression era people hated stocks when I talked finance with them.