[MtnClimber]

From Fidelity "The Business Cycle Approach to Equity Sector Investing": https://www.fidelity.com/webcontent/ap101883-markets_sectors-content/19.11.0/business_cycle/Business_Cycle_Sector_Approach_2019.pdf The business cycle has four distinct phases. The U.S. is firmly in the late cycle as of 2019.

The Late Phase is the third and last phase of the recovery/growth cycle and is followed by the recession phase. The paper cites that sometimes phases can be retraced or even skipped, but the four phase cycle is the norm. Clearly it is time to be careful.

[CurlyDave]

...Clearly it is time to be careful...

The trailing stop is your friend.

I will gladly give up a few % of the market top if I can ride it all the way up and get off just before a big fall.