Agip, faced similar questions myself this week.
In response, i am now down to as much as 75% in equities positions, having reduced from about 115% just about 3 weeks ago. That is brokerage accounts, and work retirement fund is at about 90% equities and my wife is 100%.
I'll probably just follow the market - sell if this thing gets ugly, buy back in otherwise.
I am very aware of how much we might need to sustain ourselves in retirement, which is like tomorrow, and am careful to not let it drop anywhere near that level.
I buy/sell daily to adjust to what's happening. That's the short answer.