The only correct answer here is yes. And as direct as that is, it doesn't do us much good in a scenario where the bearish and bullish indicators are both priced in and weigh about the same.
Imagine two forces pushing against one another and a slight dominance constantly shifts back and forth between them. Then as headlines come out, large shifts in pressure occur in either direction depending on the news. This is volatility.
The volatility is the easy part to understand, it's the nearly equal, simultaneous pressure of bullish and bearish pricing of the market that is more difficult for people to grasp. Most people seem to think one thing is priced in or not. That's not how it works. Everything is priced in, it's just a matter of what is more priced in. Bullish sentiment or bearish? And if you're a trader, are you fast enough to ride the waves of the headlines?
Perfect evidence of this can be found by looking at investment strategies of large firms. Many large firms hold conflicting strategies with each other. Some are pricing in more defensive allocations while others are still more offensive. Both are, and should be, very diversified in regard to market sentiment.
The more diversified the portfolio, the more balanced the market forces that are being applied to said portfolio. A 50/50 allocation doesn't eliminate the chances of experiencing market risk though, it just dampens the blow.