Agreed. Sitting in cash is dangerous. I’m not a passive index investor so I don’t see it as moving in and out. My equity allocation is unchanged (from my TAA) although I would think people would call the sector exposures defensive and tilted to oil. Cash is part of FI allocation for me. I view as a zero duration floater and I’m comfortable market timing duration. So for the moment it’s a good place to be. We’ll see what the data tells us in the weeks ahead.