I bet each Mutual fund is looking out that they don't want to be the last one without a seat by Friday. Locking in gains today or tomorrow would be better than waiting for a possible weaker showing by staying in. Mutual funds are down to just 3.6% in cash too. I would be wanting to raise cash here for possible redemptions.
With me, you have to realize that I do this for a living. I have to be early. I agree with your point, but anything can happen. I never can afford to rely on those idiots (the MuFu's)to be predictable. Risk reward at this point is strongly negative IMHO.