I know it sounds like capitulation but sometimes going to cash is a good option. When I see a certain strategy has been in a drawdown for longer than it historically did and has a hard time getting back to a new equity high (or worse, keeps making new lows) I always consider going fully to cash for that portion of my equity.
If you think there's going to be chop and can find low volatility stocks why not play the income cards with some options? Just a thought. Definitely nothing wrong with cash, you can't buy Bentley's with stock, well maybe in China, but not here.