Bank of America’s « Bull & Bear » indicator has moved out of the sell zone for the first time since May, falling to 7.4 from 8.1 on a 0-to-10 scale. This reading is based on multiple factors including hedge-fund positioning, flows to stock and bond markets, and stock-market breadth. Investors are now more bullish than before, but not sufficiently ebullient to warrant contrarian positions. Nevertheless, Bank of America strategists advise against buying at this stage.
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