What kind of cash? If you owned Iceland Krona you would have been wiped out. You have to own the right kind of cash. Cash is an alternative for people who don`t want to try to do anything.
I still own my US dollars. I plan to get out of the US dollar some time this year. It seems that the short covering rally, it is an artificial rally, people are forced to cover their shorts in the US dollar and there were huge short positions.