Bank of America Merrill Lynch's survey of roughly 200 global fund managers is often a contrarian indicator.
div > div.group > p:first-child"> Every month, Bank of America Merrill Lynch conducts a survey of roughly 200 global fund managers. What the trading community wants to know is how long or short they are certain key segments of the market?This month is no exception. For nearly three months, the market has been in an uptrend, but fund managers have turned defensive. They are long cash, REITs, utilities, health care, and emerging markets.
What's all this mean? It means the"pain trade" for stocks is still up, as the report admits. That is, the market trend that would cause the most pain to the most participants is a continuing rise in the markets. Investors have come to believe that central banks have their backs, and that is the primary driver of improving macro sentiment.
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