"JimQ"--"Fabby" tends-to-be.....Ask "Fabby" How much "cash" (what percentage) he's currently holding?? Is he still nearly 95-100% long?? Has his "assett allocatation" changed to any significant degree since SPX (and nearly ALL OTHER markets) peaked 3 MONTHS ago (or 4 weeks ago)?? Some market participants seem to just "buy 'em and hold 'em".....no matter what. (Of course--IF much of one's "cost basis" holdings go back months ago to the March 2009 666 bottom......holding is then more easily accomplished.) JMOSO (just-my-overly-simplified-opinion)