Hey guys, guess what stock prices aren’t going anywhere for a couple months because managers have moved their positions back to cash. The high cash positions are implicit of diminished confidence in investor sentiment, probably due to Brexit, weakness in China and the lack of conviction in value-driven thesis for growth stocks. Source: Bank of America Merrill LynchThe move back to cash is at even higher levels, and is perhaps indicative of a top forming? I don’t know, but the cash position of managers is at least comparable to the Lehman collapse as the average cash position of asset managers is roughly 5.7%, which is reaching the dot com bubble levels. The stock is hovering at near record highs, and while it’s not necessarily indicative of a recession, it’s time to look for shorts or areas where the air bubble has gotten a bit bigger than necessary.