In a bull market there are only three positions you can have: Really long, pleasantly long and neutral. It's time to be neutral. It's still a bull market. You don't need to be short, but you don't need to be long at this point. I think cash is the right place to be.
The changes [in stock prices from last Friday] were material enough and important enough to mandate that action be taken to reduce our exposure to everything we have on, save for positions in gold. "The whole world switched at that period of time.