As the holiday and Santa Rally season draws near, one Wall Street bank is telling investors to curb their enthusiasm where stocks are concerned.
A contrarian “buy” signal for stocks has now expired, weeks after it was triggered, said a team at Bank of America led by strategist Michael Hartnett on Friday.
On Oct. 20, the strategists flagged that their Bull & Bear Indicator was in “extreme bearish” territory at 1.9 from a previous 2.2. A contrarian buy signal for riskier assets is triggered when the bank’s so-called Bull & Bear Indicator drops under 2.0.
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