With the GMI bearly (pun intended) at 1 and the GMI2 at 0, this is no time to be long stocks in my trading account. During the rally that began last September and for most of the next 6 months the GMI was around 6 and registered as low as 2 on only one day in that entire period. During that time my accounts prospered. 
But now, with the GMI at 1 and with as few as only 22 new highs on Friday in my universe of 4,000 stocks, this is not the time to be buying growth stocks near new highs. Stocks that hit new highs are very unlikely to keep hitting new highs. So, I am forced to the sidelines in cash in my trading accounts. If I could repeatedly buy and sell in my university pension account, I would even move a little out of mutual funds and into money market funds. In such instances, I still allocate new university contributions to equity mutual funds so that I dollar cost average into them as prices fall. Then, when the bottom is in, I slowly reinvest the large sum of money that I had moved out at the beginning of the decline.
The new 6 month rate for U.S. Government I-bonds is now an unbelievable 4.6%! I may put some savings into I-bonds, as I believe the U.S. Government will continue to make good on its debt payments. Just be sure to read up on the purchase maximums and withdrawal rules.