DaleJ: Nothing you did entitled you to the gains made when the Dow reached 14K. The key is; where are you compared to when the investments were made. Don't panic and sell, just ride it out, it will return and probably grow.
There are some bargains to buy during selloffs. " Buy Low Sell High " Don't try and time the market, it's a losers game. Buy solid companies and wait it out. This advice is brought to you by your grandfather.