I've seen a lot of discussion about market corrections during accumulation phase, using that opportunity to buy cheap stocks in anticipation of a recovery run-up. I've also seen some folks mention that they would exchange their bond portfolio for stocks, and asset-allocate back to bonds at some future date.
Am I correct that this is just a market timing strategy? If we believe the market is expensive, what steps can take to prepare for a correction?
The CAPE measure seems like a helpful piece of information, but it's not great as a market timing indicator, and has been wrong before. Right now the CAPE is around 26.7 and seems very high.