It's still a long term bull market. You should still err on the side of being bullish. Cash at one point should be a wonderful thing to have, but not yet. And there are times when I have gone to cash. Every time I had done it, I wish I had not.
We may all find stock prices overpriced and by Price to Earnings multiple they are infact. But nonetheless if you fight the trend it will cost you money. I find it difficult to buy stuff, but you have no choice.