My opinions about market direction can and will change on a dime. Regardless, risk management is paramount. Having stops in place (or at least in mind) is not an option.
What's a reasonable stop? 10%, in my opinion. I wouldn't want to see my portfolio balance fall more than -10% from its YTD high. Losses beyond that point take an emotional toll.
Most foreign markets have already corrected over -10%. China, Hong Kong, South Korea, Australia, the UK, and Spain are in correction territory (>-10%). Germany, France, Italy and most of Latin America are nearing a bear market (between -15% and -19%). Brazil has already entered a bear market (>-20%).
If the total stock market ex-US has corrected, why would the DJIA/SPX/NDQ be spared?