I still am mostly in cash (my largest account has only 12% of its buying power deployed into positions, and that includes the longs). I really, really want to get past this earnings mine field before getting aggressive.
Just remember what happened to INTC last time they did earnings. The stock was up about 25% in a matter of just a couple of weeks! This is an hourly bar graph of INTC from July, zoomed in for detail and with the post-earnings gap tinted. (By the time some folks read this, INTC will have announced………..)