An effective asset allocation among dissimilar asset classes and periodic portfolio rebalancing, not market timing, is a better solution to investor concerns of a market downturn. Further, if an investor's "comfort level" (acceptable risk) dictates only a 60% exposure to stocks when stock prices decline, this should be the maximum exposure when prices rise as well.
Source: http://www.investorguide.com/igu-article-995-stock-strategies-active-versus-passive-management.html
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