I am still in cash and not trading the market or taking long positions. Even though I have been in cash for awhile and have missed the run up from the SP500 1500s to 1700s, I believe that summers can be a little rocky and weak. But that hasn't happened this year just yet. We shall see.
Lots of concern about what the Fed will do and when they will do it. That is almost always the case, but with Quantitative Easing for about $85B a month, this is going to have an pact when they do ease the purchase program.
Anyway, should be an interesting August and September. Watching and waiting...