because people are trying to beat the rest of the tax sellers - thus hoping to get a higher price and get the 30 days gone so they can rebuy in when everyone else is tax loss selling. this seems to be happening earlier and earlier every year. it is also getting more and more spread out over a longer time frame. right now the mutual funds are probably dumping the under performers and the stocks that people don't want to see in "their" funds porfolio. instead of re distributing this money they are just stock piling it. doesn't look to bad to be 20% in cash when the market is down for the year. last year when it was up 20% in cash would have lost you your job. mutual funds don't care about tax losses or 30 days they are mostly concerned about what stock names are in their portfolios. if lbrt keep hitting their numbers they will buy either back in or in for the first time since they have 90 days to redistribute their accounts as they see fit after this report time.