"Cash is king," counsels market sector expert Jim Farrish who has chosen "cash" as his latest "sector spotlight". Here is his latest on the need for "patience" from his SectorExchange service.

The sector expert explains, "The market volatility and downside momentum has been king for 2008. Outside of short term trading and/or being short the markets the best place to have been invested is cash.

"My question is why is it so hard for investors to hold cash in their portfolios? Why do so many investment advisors not increase cash positions when market trends shift? Why do professionally managed mutual funds not increase their cash holdings?

"It goes against the psychological grain of investing. It is human nature to believe we may miss out on something. The emotions of investing are in full swing when a prolonged downtrend begins. These emotions dictate how we think and how we act during this period.