Time to change equity position from underweight to neutral?

After being underweight equities for a while OSEBX has corrected down more than 20 per cent, together with other large drops in global equities following political indecisiveness on both sides of the Atlantic. The quick drop, however, changes the Risk/Reward consideration and it now seems prudent for longer-term investors to start gradually increase the equity position (in particular for strong bluechips) . As such I'm now changing my equity view from underweight to neutral.

The risks to the economy still remains high, but long-term there should be support in possible inflationary pressure (lets be real, the governments needs inflation to get out of the debt crisis) and a possible QE3 (depreciation in USD can only help the US) could contribute to equity buying.