IF you essentially get out of equities now, you'll be making one distinct market timing decision.  You'll then need to make another market timing decision in the future - when (and how) to get back into equities.

Mess up eitheer decision, and you'll probably lose at the game of "market timing".

That said, when to get of of a mutual fund is one of the harder decisions to make.  Do you dump a fund when it's still among the top X (half, quarter, whatever) of it's sector or category?, or do you dump the entire category/sector when it heads south? 

In the end, I  think I know number of folks who bailed "at the wrong time"; I don't know any who have honestly made multiple timing decisions  properly, and I know a number who try to stick with a long range plan.  

//mjs