The Pundits were talking about the ominous 'lower highs' and 'lower lows' last time I checked. I guess that did not pan out so well, as the market hit new yearly highs today. It is not worth trying to time the market. If you miss a day like today it is painful; if you miss a few of these it is fatal.
This is not to say, however, that there are not times when your exposure should be reduced. Usually once a decade or so, the market will become excessively valued relative to other opportunities. This is not one of those times.
If you choose to time the market you either better be very, very good or very, very lucky. As Clint Eastwood once said "So do you feel lucky punk? Well, do you?!"