Not yet...but it's coming.
You raise an excellent point though: for those in their thirties and forties, now's not the time to panic. Those in their mid to late fifties and early sixties may want to reduce risk very soon.
If I were in my thirties or forties, I'd be piling up cash to buy into the market on the correction. That's what I used to do and that's why I'm in the position I'm in for retirement at 60. :-)
I agree. In nearly 40 years of investing, I've never been as concerned as I am now that the Mother of All Crashes (sans, 1929) is likely just around the corner.
Go look at CAPE10. Second highest IN HISTORY. Stocks are hugely over-valued (as are bonds). Inflation is soaring. The Fed is in a trap with nowhere to go.
The likelihood this scenario ends well is not high.