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Roughly three months ago, I wrote a piece in which I explained that the great number of stock market skeptics at the time meant that the market would probably continue to rally – standard contrarian fare, really.

Stocks have, indeed, continued to rally these three months weeding out a good number of skeptics. In other words, a good deal of the fuel propelling the current rally has already been spent.

More recently, I wrote that, contrary to financial industry gospel, you don’t always have to be committed to the stock market in some capacity; holding cash until you find a compelling investment opportunity is a fine idea and, in fact, the selfsame approach I use professionally in managing investments for my clients.

The 45% gain in stocks over the past few months has necessarily led to a reduction in attractive investment opportunities. Needless to say, that and the changed sentiment picture has me holding a bit more cash these days.

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