If my repeated suggestion over the past month or two hasn't been enough, I reiterate my position on global stock markets--raise cash.
This is no time to be complacent, yet I think that is exactly the position of many investors after the substantial gains since early June--and over the past three years. Professional investors have enormous career risk in not keeping up with market index benchmarks and peer comparisons (I know from experience). Individuals, who earn almost nothing from savings and short-term government bonds, have been driven into high-risk bonds and the stock market.
I've thought for a while that stock prices would likely decline, even though there were no obvious catalysts. (Quite often, stock prices decline just that way.) The surprising earnings declines at major U.S. corporations that were reported this week may be such a catalyst to a significant decline ahead for stock prices.
It makes sense to take some profits and hold cash for better entry points.
S & P 500: 1443