Bank of America Flags Sell Signal for Stocks as Investors Rush Out of Cash

Bank of America Flags Sell Signal for Stocks as Investors Rush Out of Cash

Optimistic about a return to economic growth, fund managers have been slashing their cash positions and embracing risk assets to an extent that's raising red flags for strategists at Bank of America Corp.What's moving marketsStart your day with the 5 Things newsletter.Money managers overseeing $534 billion in total are underweight cash for the first time since May 2013, with levels down to 4%, according to a BofA survey that took place Dec. 4 through Dec. 10. Investors are the most bullish on stocks and commodities -- the so-called “risk-on” assets -- since February 2011, while the Bitcoin rose in the list of the most crowded trades, according to BofA. The plunge in cash exposure is setting off the broker's sell signal for equities.