quick thoughts for you G:
The fact that you have enough invested that it can take that type of dive...
The fact that you aren't retiring in the next 5 years, means that a downturn is actually good for your portfolio if handled correctly. be defensive against a falling US economy, but don't get out of the market. going to cash rarely works in the long run. you might want to look at big american companies. all sizes of foreign companies. unless you've got the skill or big brass ones, avoid sector bets. look at areas that are being hit hard and decide if you think those companies are solid enough to survive and rebound after a recession ends. buy low sell high. and remember, the best returns are always in the two year period following a recession.