Chip Shot

This weeks market action reminds me of a passage from the very excellent New Market Wizards:

“On that day, I spoke to Paul Tudor Jones, who had just returned from participating in a round table discussion sponsored by Barron's. He told me that eight out of the eight participating money managers had said they were holding their highest cash position in ten years. I'll never forget that the S&P was near 310 and Paul said, “340 is a chip shot.”

As of Friday at Noon the S&P is up 5.5% from Monday's close.