Who's left to sell?

Mid-week market update: Four weeks ago, I rhetorically asked in a post, "Who's Left to Buy?" The BoA monthly Global Fund Manager Survey had shown cash levels at a 15-year low. In addition, a Schwab survey of customer accounts showed cash at similarly historical lows. It was the case of an accident waiting to happen.

 

So the accident did happen as the S&P 500 fell -10% in about three weeks. This month, the Fund Manager Survey showed the sharpest sentiment reversal in five years.

 

Is it time to ask, "Who's left to sell?"

 

The full post can be found here.