The current rally is getting long-in-the-tooth, and is due for a significant correction. It's time to make a gradual shift from aggressive growth areas (Financials, Tech, and Real-Estate) to a more neutral to down posture. Make this transition gradually over the next month.
Precious metals and pm miners, especially SLV (silver etf) and GDX (gold miners). These should remain neutral as the high-risk end of the market continues to rise, and should rise substantially when the market starts to decline.
TBT (inverse 2x 20 year plus treasury ETF) -- This will do well as the market travels sideways. It will go down if the market totally tanks and risk-aversion returns in a big way. It will go up gradually if the market rises.
Retain PGF (Preferred Financials) and PFF (Preferred industrials). These yield around 10% and have moved up sharply (140%) during this runup, but are less risky (less volatile) than other growth vehicles.
Retain some commodities exposure. I recommend a small position of UYM (Basic Materials ETF) and XME (Metals and Mining ETF). These could be very volatile, and should not be more than 10% of your portfolio at this point.
Disclosure: Long TBT, PGF, PFF, UYM, XME, SLV, GDX, UYG, URE, ROM, USD