The bank of America / Merril Lynch monthly fund manager survey results was published overnight

  • Survey conducted February 5 - 11
  • Average cash balances were at 5.6%, which BoA/ML says are the "highest since November 2001"
  • BoA/ML add that is an "unambiguous 'buy signal'" for equities

On US stocks specifically:

  • "Investors are now underweight U.S. equities for 12 straight months and current allocation is 0.7 standard deviations below its long-term range"

More:

  • Net 5% of managers were overweight global equities (icompared with net 21% overweight in January, and 42% in December
  • Net 36% underweight bonds in February (January 47% net underweight and December net 64%)
  • Net 29% polled underweight commodities (Jan. 30%, Dec 23.%)