Wall Street optimism is close to flashing its first sell signal since 2007, Bank of America says
Summary List Placement
Bank of America's Sell Side Indicator rose in February to 59.2% from 58.4%, just 1.1 points away from sending a "sell" warning.
The gauge tracks Wall Street bullishness and aims to indicate when optimism is overextended.
The current "neutral" rating suggests returns will be muted over the next 12 months, the bank added.
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Stock-market exuberance is coming dangerously close to forecasting a sharp sell-off, Bank of America strategists said Monday.
Stocks rebounded sharply on Monday as concerns over rising Treasury yields gave way to revived risk appetites. Equities most closely tied to economic reopening outperformed, and major indexes edged toward record highs. After last week raised questions as to whether stocks could maintain their elevated valuations, Monday's buying signaled investors have faith.
That overwhelming bullishness could be the very thing that undoes the record-setting rally, according to...
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