Should we re-allocate our 401K holdings due to this market?

[JimGil]

With the current market conditions (housing crunch, low dollar, high oil prices) - to me it looks like we're heading for a recession.

I am thinking of taking 50%-75% of my current 401K holdings and putting them in a money market fund until the market shows signs of improvement.

During this time I would keep contrubuting to the funds I currently have - I just want to eliminate the potential hit a recession would have on my portfolio.

Note: I still have about 30 years until retirement.

Does this sound wise?