When dashing young technology hedge-fund managers decide to sell everything and go into cash, you can tell that fear is stalking the market. That is exactly what Cody Willard - who combines hedge-fund managing with blogging, appearing on CNBC business television, writing columns for a number of outlets including the Financial Times' US edition, and part-time work as a rock star - did back in May.

Formerly an ebullient bull, Mr Willard decided on May 10 to sell all of his considerable range of tech stocks except for small positions in Microsoft, Google and Apple Computer, and started to opine in his blog on the attractions of cash.