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BofA: "If You Go Down To The Woods Today It Will Be Full Of Bears"

Just days after Bank of America's equity team joined Goldman, JPM, Citi, UBS and pretty much every other bank (and Gartman) forecasting a market drop in the imminent future with a report laying out "Nine "Reasons To Worry" About A Big Market Drop", BofA's cross asset team led by chief investment strategist Michael Hartnett is out with some of his own words of "encouragement", to wit.

If you go down to the woods today… it will be full of bears. Investors positioned for “summer of shocks”: FMS cash levels up from 5.4% to a high 5.5%; only 12% taking “higher-than-normal” risk; most crowded trade “long quality”. Based on FMS positions, contrarians should be moderately long risk via UK, Japan, tech & industrials, and take profits in EM, energy, discretionary.

What Hartnett is referring to is that according to BofA's latest Fund Managers Survey, Investors are positioned for "summer of shocks" with
cash levels up to a high 5.5%, one of the highest prints since the Lehman failure. 

read more....


The USD is moving up as we write, putting downward pressure on silver prices.

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