Almost half invested would indicate that you don't expect much of a sell-off into Fall...and are possibly leaning to a sideways market with some minor down bias into that period, before a resumption of the advance. If I were expecting a 10% or higher pullback, and considered it "dangerous", I'd (personally) be at least 80% cash. Expecting anything less than a 10% correction, I would be comfortable with 40-50%.
I tend to agree with that (any down will not be that steep), but I believe it's very dependent on interest rates right now.
Much more of a rise and something's going to snap, whether it's IR or something else..