The Web is somewhat abuzz that PIMCO bond guru Bill Gross told the Washington Post he is out of stocks entirely. You might get the notion to dump all stocks now. Two thoughts. 1) Gross ALWAYS promotes what he owns in PIMCO's funds, which are bonds. 2) Read what he said:

About a year ago, I gave up on the stock market altogether. I don't own any stocks in my retirement portfolio. I'd say they made up about 40 percent. My money's in municipal bonds and stable corporate bonds.

I made an early mistake in buying bank stocks, thinking they were cheap. Twelve months ago, I saw the light and sold them all. I'm happy about that.

He sold a year ago, when the Dow was 12,000. That's not a recommendation to sell now, when it's 7,200.