Yes, the easy / safe 5% in cash / T-Bills is a good reason to stay on the sidelines.
For the stock allocation, my dad's strategy worked well -- 'buy quality and hold long term', so that's what I've decided to do also, instead of getting too fancy, trading, etc. You pick a stock allocation you can live with long term (I chose 20% range), fill it up with conservative solid equities, and let it go. My dad barely looked at his monthly brokerage statements, and for excitement did other things (he was a pilot). Using the stock market for excitement is a mistake that most of us make. I like following the various sectors out of general interest, but active trading is out.
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