Markets continue to be volatile and not a friendly investing environment. Two factors are at play here given that markets do not go up forever:
1. In historic terms the length of this current bull run would indicate at the very least a fairly severe correction.
2. Funds are moving to situations other than shares which means the power in the markets in each rise is not being backed by heavy cash flows.
Unless or until this situation changes we say stay in cash or similar - when bargains are difficult to find it must mean that the market is overvalued.