Stock Market Holiday - What's the Next Play?

We believe that we are in the early phases, still, of a bare market. We haven't even really seen the first panic move down yet. If you'e too heavy in equities, it would be a good time to lighten up a bit. The negative wealth effect is only looking like it's going to build in the coming quarters. And boy, i don't know whata hallucinagenic lens they're looking through.