I am by no means a market timer. I believe in investing regularly over time and, for the most part, holding things long term.
That said, over the past 3-ish years, I have gradually reduced the equity allocation of our portfolio and it now stands at about 66% (it was 80% 3 years ago). It's part of the adjustments I've been making as we prep for retirement. My plan had been to wait for the impending inheritance I'll be getting and use that money to adjust it down further to 60%. However, I don't know when that money will come and I've gotten increasingly nervous about the state of the market, so I've decided to start tweaking things a bit now.
The first thing I did was to turn off reinvestment of dividends and capital gains for a few of our stock mutual funds. That won't make a huge change and it won't move the needle quickly, but it will gradually lessen the stock exposure.
The other more immediate thing I did was to put in a sell order last night for one growth fund in my Roth. The aggressive growth stuff has shot up the most and will likely drop the most when things go sour. I'd much rather sell high and buy low than the other way around. That fund held about 2.5% of our total so it takes us to about 63.5% equities.
I don't want to make any drastic moves so I may stop there until I get the inheritance, and then tweak it the rest of the way to the 60% mark. Of course, if today's market performance continues, the market itself might get us down the rest of the way.