Sell all SPY and stay cash for now.  TLT buy opportunity will occur when the TLT:SPY X 10wkma. Remember a twist could be implemented to reduce the bond yields. With so much debt the interest rates have to remain low.

In any market crash a la 1987, bonds initially spike in yields (prices fall).  This causes the stock market to outright crash!  At some point in 2-4 weeks, TLT will start to show strength against SPY.  This will be a good time to buy as it will have bottomed and deflation or very low inflation will be happening this year.

The VIX should rise for the next few months creating problems for CBs in their efforts to talk up the market!  However, the 200dma for SPY is 150.  At this point, CBs will talk up the market and it should bounce. BUT the volatility will continue because the weak economy will get weaker. So watch VIX trend and TLT:SPY chart.