It's worth adding that conventional wisdom says, you can't time the market. On average, people shifting between cash and stocks to time shocks lose out over just holding a fixed portfolio.
At the same time, one can make financial decisions based on risk rather than longterm expected returns.
For instance, I'm happy with fixed income yields rn.
What would scare me is losing a big chunk of my portfolio in a downturn, exactly when I'm also most likely to lose my job.