Preserve cash for investing
When the markets are fearful equities will sell below their intrinsic value. But you can take advantage of market downturns only if you have preserved cash that can be deployed when equities fall.
You never know when the stock market may again quickly descend into a bear phase, so be prepared to build cash upon the future opportunities. In any case, do not sell out your existing securities in panic. If you have a cash reserve it will help you ride out the periods of economic decline without the need to sell out your stocks, bonds, or mutual funds at a loss.