Survey Says…Fund Managers Are Bearish On The Equity Markets

Bank of America Merrill Lynch surveyed 230 fund managers responsible for $645 billion in funds in the second week of June and they found a sharp increase in risk aversion.The survey is the “most bearish survey of investor confidence since the Global Financial Crisis,” they write. “Pessimism driven by concerns over trade war/recession, monetary policy impotence and low strike prices for policy puts.”The survey showed the second largest drop in equity allocation ever and global growth expectations fell by the most in a single survey since 1994.On policy, they don’t see a Fed put until the S&P 500 hits 2430

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