I agree that one's cash position or percent $ invested may indicate to some extent their feeling about the market but I would caution anyone against translating that in any way to how much that person really has on the line or basing any decisions about their own portfolio on your degree of "bullishness". For instance, if you have less than 10% of your assets allocated to the casino (it's a hobby!) and you are "100% invested", then is that more or less bullish than someone who has 50% of their assets in trading and is only "50% invested"? Of course the second hypothetical trader is more bullish since they have more on the line. So that's why I say it doesn't tell me much to know you are 90% or 100% invested...it may be little more than monopoly money to you while for someone else it could be their whole nestegg.