This week, amidst the U.S. election and a monetary policy meeting, traders are advising "Cash is King."

BlockBeats News, November 4th, due to the intensive major events this week, with the U.S. election overlapping the Federal Reserve interest rate meeting, most traders believe that there will be volatility this week, and it may be significant, as the election is likely to produce a disputed result, delaying the vote counting process for weeks or even months.

At the same time, hedge funds are betting on greater price volatility. Data compiled earlier this month by the Commodity Futures Trading Commission (CFTC) showed that large speculators have shifted to a net long position in VIX futures for the first time since January 2019.

Several Wall Street veteran traders are advising to hold cash. Among them, Robert Schein, Chief Investment Officer of Blanke Schein Wealth Management, stated that he has increased his cash equivalent holdings from the usual 5% to 10%. His strategy is to be ready to buy assets on the dip when the inevitable results trigger market volatility at least partially.

Eric Diton, President and CEO of Wealth Alliance, said in an interview: "We will not position for the election result as it is essentially a coin toss. Betting makes no sense." (Jinse Finance)