What if I told you there is a “no risk” investment that will out perform the S&P 500, even assuming the S&P 500 will continue upward at the pace it has over the second half of 2014?  Would you buy that investment?

Then consider owning cash, if you are a US resident denominated in USD.  Very simply, SPX in USD units has been declining since the middle of the year, with the weekly trend by AROON having gone negative and what looks like a topping pattern forming.

Now, there are so many moving parts in currency exchange and differing costs all around the asset spectrum and cash, like gold, is a repository of liquidity. So there is some hyperbole in this post.

But in theory, the S&P 500 may be topping out in the currency that denominates it and over time holding that currency as opposed to the broad US stock market could become a favorable thing to be doing.