It’s a good reminder that the stock market is not the economy. I would think at some point the broader economy will impact investors decisions, but the vast majority of stock is held by institutional investors. When your metric is no longer the traditional long term investment metrics, but being able to transact faster than other institutions, logic gets cloudy, and day trading gets harder. I too am hoarding cash, but I never sold off. Because my horizon is far enough off that I can recover a couple bad years, I’m sitting tight.