I have been working on reaching my asset allocation nirvana this week. I am not market timing, because I have neglected moving things around until I had some accounts transferred to a zero-commission broker. Now that movement is complete, I am ready to get back to 25% fixed income and to put funds in the most tax-efficient accounts. My equities were up over 80% (of assets, not total return) and I had accumulated too much cash in a taxable account, so I am overdue for a rebalance.
Also, it looks like I will reduce income taxes by a few thousand dollars by moving things around a little bit, so I hope to get all this done by the end of next week. For a specific, in my 401(k) I sold international value and bought bonds, then in my taxable, I bought tax-managed international. The end result is a similar asset allocation, but moved fixed income into a tax-deferred account. It may look like I am buying international at the high point, but I am effectively trading international for international. If it tanks, then I will do tax loss harvesting. So if the market goes up I win and if the market goes down am I still better off than I was before these transfers.