If i was close to retirement, I would definitely consider dumping a large portion into a solid 5% or even 6% GIC if you have a couple years, after the market gets back to about even (it almost is for me right now.)
I have a much longer time horizon right now, so I'm willing to play the risk. But it's tempting to take a 5-6% guarantee gain in this sort of volatility, and there's something to be said for being able to plan. It's sort of like the fixed vs variability rate for mortgages debate: sure, you might lose out on extra gains, but if you can lock in the security of your retirement date, it seems like an obvious choice.
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