Wall Street Admits That “Civil Unrest” Could Crash Markets

Ear­li­er today, we report­ed that sen­ti­ment in the lat­est Bank of Amer­i­ca Fund Man­ag­er sur­vey was so bull­ish, even sur­vey orga­niz­er, BofA Chief Invest­ment Offi­cer Michael Hart­nett, said it’s time to turn bear­ish for the near-term and “sell the vac­cine” because Wall Street has gone “full bull”:

The most bull­ish Fund Man­ag­er Sur­vey (FMS) of 2020 on the back of vac­cine, elec­tion, macro; Nov FMS shows a big drop in cash, 20-year high in GDP expec­ta­tions, big jump in equi­ty, small cap & EM expo­sure; reopen­ing rota­tion can con­tin­ue in Q4 but we say “sell the vac­cine” in com­ing weeks/months as we think we’re close to “full bull”.

Yet while there were sev­er­al oth­er obser­va­tions in the sur­vey (the full report can be found here), all of which con­firmed what we had pre­vi­ous­ly seen in the lat­est AAII sur­vey, name­ly that vir­tu­al­ly every trad­er is now super bullish…


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