I don't buy that argument. I've gone 100% shares in the current rally, and I'm happy with my position. Stock markets can tank from here on, but you can't go into cash in anticipation of this pull back. It might occur only after the rally goes on much higher. There's no certainty in the timing of pullbacks and rallies. What there is certainty on though is the valuation of some shares.
If they're cheap, I say just buy them. Don't try to time the market. As a well known fund manager says, if stocks are cheap and you don't buy them because you're expecting a pull back, if the rally goes on you miss the boat and you are an idiot. On the other hand if stocks are cheap and you buy them, and a pull back does occur you only look like an idiot - temporarily. Cheap stocks don't stay cheap forever.
