Recent analysis indicates that cash balances in mutual funds have reached record lows, reflecting a significant shift in the equity market landscape. While total money market fund assets remain substantial, their relative strength compared to the equity market has diminished. Specifically, cash as a percentage of the S&P 500 market capitalization has been declining over the past year, suggesting that the perceived 'firepower' of cash on the sidelines is not as robust as previously thought. This trend raises questions about the effectiveness of cash reserves in influencing market movements, as historical comparisons show that current money market assets provide considerably less leverage relative to the total market cap of equities.