If I think that the market will put another box down, I will not go extremely low in cash, for instance, when we hit the 1260 (bottom of the box)or so area recently, I expected at least a mild bounce and at one point my cash was as low as 30%, but I made it clear it was just a daily tactic and by the end of the day I was vack near 55% to 60%, now that we are close to 1425, which I consider the top of the box, cash has risen to the 75% or so level. Mind you, it also depends if stocks I play with get to their respective bottom or top of boxes. I I thought the market was to take out the 1425 area, I would probably be going to sleep in the 50% to 40% cash and deploy the next morning to maybe as low as the 10% to 20% cash. Since I think this run is a fake (and I actually did not think we would go above 1400, wrong again...) I surely was on the high cash side.
Zeev
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