RE: Cash I think you are partly correct. While downside is likely limited, further gains will be dependant on whether or not mgmt is willing to part with any of this money. The worse things get, the more likely it is that they'll lock the cash in a safe and go hide in their bomb shelters. I have a sneaking suspicion that the powers that be see a major shoe dropping imminently (like 2008) and that in the short term nothing can be done to stop it. How else can you explain Bernanke's lack of action yesterday, Jim Flaherty's surprise announcement this morning and the sweeping bank downgrades after the close? Sounds like they planned all this over the weekend, then quickly grabbed whatever life jackets were remaining and hightailed it out through the back door just in the knick of time. What a silly waste of time the last four years have been...