The 401's are all in mutuals & while each & every one has taken a hit I'm going to remain optimistic. I'm 54 & have a decade or so before I retire so I'll remain steadfast though I'm thinking, in another 5 or 6 years I'll start moving things to 'safer' paper. The stocks I own are all in utilities; steady, never have lost a stinkin' penny over the past 15 years or so, have split twice - no complaints.
As far as moving anything around or cashing out I feel that would be a silly move. After another year or 2 perhaps I'll rethink things but for now freaking out would be the worst thing to do.