I haven't sat on cash, only for certain brief periods where things were extremely sideways, especially during OPEX. When I say cash is a position, it's mainly to remind people not to overtrade. But each person has to manage their own risk.
Overall, I'm more cautious now for short term because of the Afghanistan events and how it could potentially impact the infastructure bill. Say for example. something crazy happens, then the bill doesnt get passed, which the market is expecting and built into price already, then that won't be good.