More on how far equities can get

More today from the BofAML fundie survey:

1. The bulls are back…global recession concerns vanish and “Fear of Missing Out” prompts wave of optimism and jump in exposure to equities & cyclicals.

2. We say…easy part of rally over, tougher part of rally beginning…but rally it can as no “excess greed” (BofAML Bull & Bear Indicator @ 3.8), there is “excess liquidity” (and trade/fiscal easing), and corporate earnings set to accelerate.
3. FMS cash levels slashed from 5.0% to 4.2% (biggest monthly drop in cash since Nov’16 Trump election); cash levels now lowest since Jun’13.

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