The Bid Abides (48% Cash)

January 12, 2011 9:24am by Barry Ritholtz

Markets continue to show firmness.

There are lots of near term warnings signs that caution is warranted, and a modest correction is overdue. Volume was soft, market breadth disappointing, sentiment is frothy, and yet the downside seems to be contained.

Rotation out of Bonds into Equities seems to be the fuel for stocks, but the evidence is more anecdotal than data driven.

We are now at 48% cash, still long selective names such as Arch Coal (ACI), American Tower (AMT), Verizon (VZ).

Be back later . . .

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