How are you hedging your portfolio given the current market conditions?

Title sums it up. I just don't understand how the market treats any news nowadays as always positive, especially with the Iran crisis. I do understand that capex spending is still here, and companies are backed by real revenue and income, I just don't understand the crazy exuberance like the Marvell situation today. My portfolio for example is extremely concentrated and would do horrible in a large correction / crash. I got extremely lucky buying Micron last year, and I also doubled up on Google