Michael Hartnett of Bank of America Merrill Lynch says Fund Manager Survey's cash level has dipped in February to 4.9 percent from 5.1 percent, but is still higher than the 10-year average. "Our Bull & Bear indicator moves up to 6.3 and we remain long stocks & commodities until the 'sell' signal is triggered, it says.
Hartnett further says Fund Manager Survey shows macro optimism surging - 23 percent say 'boom' versus 1 percent one year ago and 18 percent say 'goldilocks' against 6 percent one year ago. Meanwhile 15 percent say 'stagflation' and while 43 percent expect 'secular stagnation', it is down sharply from 88 percent one year ago, he adds.
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Michael Hartnett of Bank of America Merrill Lynch says Fund Manager Survey's cash level has dipped in February to 4.9 percent from 5.1 percent, but is still higher than the 10-year average. "Our Bull & Bear indicator moves up to 6.3 and we remain long stocks & commodities until the 'sell' signal is triggered, it says. 
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