According to today's post, hedge fund manager and author Barry Ritholtz says:
We have been mostly cash since May 5th (as much as 100% then, 50% cash in June). We are now over 80% cash, and are looking for a move down towards 950 on the SPX.
950 on the S&P 500 means a 20% drop from today's prices. Still, don't HPQ and some other tech names seem tempting at current (8/24/10) prices? Mr. Ritholtz seems to be betting that the Democrats--which control both the White House and Congress--will do nothing about a 20% stock market, even with elections arriving soon. More from Barry Ritholtz here.
Disclosure: I own shares of HPQ.