Bull Market Over? Bank of America May Have Just Signaled the End of the 8-Year Bull Market

It would be challenging to find an equity strategist at a major Wall Street firm who has called the conclusion of the 8-year-old bull market. But that may now be the case, according to Bank of America Merrill Lynch.

The bank has a sell-side indicator of stocks, based on their survey of Wall Street strategists' asset allocation tips on the last day of every month. The indicator is now at its highest level since 2011.

"The recent inflection from skepticism to optimism could be the first step toward the market euphoria that we typically see at the end of bull market and that has recently been glaringly absent in the cycle", said Savita Subramanian, the head of equity and quant strategy at BAML.

"We have found that Wall Street's consensus (value) allocation (has become a) reliable indicator, " Subramanian added. "In other words, it has historically been a bullish signal when Wall Street was extremely bearish, and vice versa. "

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https://finance.yahoo.com/news/bank-america-may-just-witnessed-152214936.html