One could argue that the day-to-day market swings don't have a lot to do with any longer term movements.
One could also make the case that this kind of financial reporting is just picking whichever cause feels like a good fit for the effect observed. Not by which is plausible.
Kleinbl00 you told us you aren't optimistic and went to cash for now, but what makes you think there isn't more time left in this bull market. Housing has gone out of control in a few places, but not so bad everywhere else. The equity bull market is historically long, but not so remarkable in gains, and there have been some corrections (Jan 2016) which have let of steam and kept people at least partially risk-aware. I think there's a couple years left before there is a big drop in prices.
(I'm not trying to convince you, I'm just curious what you think about it.)