The headline here is intentionally lower case as in a whisper. I am tired of finding bearish evidence in the face of a market that just goes up no matter what. But here goes. I found this at the Pragmatic Capitalist site.
As charts below from the ICI illustrates, portfolio managers have been so nervous to miss any up-moves that they have run down their cash holdings to 3.6% of assets from nearly 6% a year ago — the largest decline in 19 years. Equity cash ratios are back to where they were in September 2007, just as the stock market was hitting its peak.
My own retirement account is half cash.