These sort of record low cash levels in the funds are generally indicative of a short term top in equities.
"Quite a lot of what passes itself off as dialogue about our society consists of people trying to justify their own choices. Let me propose that if your beliefs or convictions matter more to you than people—if they require you to act as though you were a worse person than you are—you may have lost perspective."
Timothy Kreider, We Learn Nothing, 2012
These sort of record low cash levels in the funds are generally indicative of a short term top in equities.