Right now there are over $4.5 trillion on the sidelines in cash instruments such as money markets. The last time this happened was February of 2003. This makes up almost 30% of the Wilshire 5000. From 2/2003 to 12/2007 the equity market went up almost 80%. I am not saying that a large amount of cash on the sidelines caused the growth in equities, but there does seem to be another sort of cash "bubble" growing. Simple supply/demand. As more cash is on the sidelines, the less you will yield for your cash on the sidelines. As this continues, more people will decide to get back into equities and as we get more buyers than sellers for equities, we should see some rebound in the equity markets.