Ombow, Yes, it seems like a good time to be cautious. I've actually felt like that for years, even as the market plowed higher. But it's hard to not have a queasy feeling as we go into the Fall months.
I think asset allocation is the key since it provides structure and controls risk, and helps deal with the emotional aspect of investing, which was always my problem. When the asset allocation percentages are right, you don't worry so much and can think longer term.