Markets look a little stretched for the moment. They had a very good run. According to the Shiller P/E for S&P500 Index the valuation is at 23.5 times earnings vs the long-term avg. of 16.5x. Companies deleveraged a lot and are still doing so. They are buying a lot of stock back and the balance sheets are looking healthier. The bull market party is still going strong and could last for a while, as there is no real alternative investment opportunity than quality stocks at a fair price with a sustainable dividend policy as a future inflation hedge.
Your strategy: hold on to your global quality stocks and accumulate more at a cheaper price, if the valuation seems to be stretched.
Stick to companies with a good business model with pricing power and strong FCF, excellent innovation potential and a fair amount of R&D spend.
Your tactical move: buy more equities and stay/get overweight relative to bonds, when the broad markets start to correct. Government bonds are not attractive and interest rates are artificially low. You have a better inflation hedge with solid companies that can grow their dividends over time and that had a dividend policy of doing so in the past.