I very much respect your decision of keeping some cash out of the stockmarket, it is a cautious move which is probably wise.
A good article on marketwatch this morning about the underlying problems in the American economy, fears of a double dip recession and the effects of Greenspan's monetary decisions:
http://www.marketwatch.com/story/double-dip-looks-doubly-certain-2010-07-20
While Im also cautious, I realise that some specs are bound to run, just like SSN did, which I probably sold too early in the high 50ies, now its in the high 60ies but I don't trust the overall market either to go beyond my orginal target.
Even with the American economy being artificially kept alive with a flood of cash poured into it, many analysts still can not decide where the economy is headed.
Some argue for a slow steady recovery.
Whilst this indecision is ongoing, money can be made in specs, particularily in Australia which has 120 billion dollar coming its way from iron ore and coal price increases, plus the 7.5 billion from the latest super tax deal.
Good luck with your other investments !
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