For those that follow the Mutual Fund Cash Levels the numbers are back at historic lows once again. The chart below shows the Mutual Fund Cash Levels going back to the mid 1950's versus the Dow as tracked by ICI.org. The average value has been near 7% and as you can see prior to the beginning of the last Bull Market, from the mid 1980's through the 1990's, the Cash Levels were well above the long term average. However as the Bull Market got into its latter stages notice there was a big drop in the Cash Levels (points A to B).
Meanwhile since 2000 the % of Mutual Fund Cash has remained below the long term average as the Dow has been in a Bear Market and gone nowhere during the past decade. Furthermore what is concerning to me is that current Cash Levels are back below the 4% Level (yellow line) once again which have preceded tops in 3 out of the last 4 events.
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