I am closer to your view than you think. But over the short run, valuations are stretched, and the market based on valuation models that are most linked to future performance, indicate a drop in the range of 30-55% from recent highs. So, it would be prudent for most to reduce the stock allocation and wait for more reasonable valuations. I have no quarrel with those that can maintain an allocation and are young enough to come out the other side in a good position. That is all.
Trading next week should be interesting. That is, referring to the short term direction of the market.