Why should you be confused? I am still in my smelly bear suit, though, uncomfortably so. While I did move to low cash earlier in the run, I chickened out and almost every night got back in the 70% to 80% cash. At my lowest cash, I was not under 30% and only for very short periods. On average, during the day I got down most of the time to just he 50%, well under par and reflecting my fear that this run will turn any moment. So far a bad tactics and thus some lost opportunity, but when preservation of capital is paramount, lost opportunities are just a minor pain.
Zeev
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