I feel no need to sell or scale back my holdings because a...

I feel no need to sell or scale back my holdings because a correction may occur. In fact those holding great companies should merely welcome one. As this will be the only time to buy when they are depressed and market emotion is at a irrational high.
Selling quality holdings makes no sense. The point to reenter at prices will be far more expensive once transfer costs and loss of dividend for that period is taken into account.

Wonderful companies like wow, wpl, tol, bkl are the ones to look out for in depressed times.
Holdings of aui & cho should be picked up when they become available or when your spare cash is being under utilised and sitting idle.