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Right. You’ve heard it before: this is the “most hated” bullish rally ever, based on the number of times this expression has been brought to bear in recent weeks. But, by now, the fact that so many investors are parked in cash is a bullish signal, says Michael Hartnett, BofAML’s chief investment strategist. According to the firm’s contrarian “cash rule,” when average cash balance rises above 4.5% it means that investors appear to be overly bearish, or at least not bullish enough.
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