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For The First Time, 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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