BofA equity and quant strategist Savita Subramanian says the firm’s “Sell Side Indicator” is just one point shy of triggering a “sell” signal. The Indicator’s current level of 57.0% suggests that the 20%-plus annual returns the S&P 500 Index has seen over the past two years “are likely behind us, but still points to a relatively healthy price return of 10% over the next 12 months,” the strategist tells investors in a research note. The Sell Side Indicator is Bofa’s contrarian sentiment signal that tracks sell side strategists’ average recommended allocation to equities in a balanced fund. The firm says that in addition to the tracker, several other sentiment gauges point to elevated levels of bullishness on stocks.
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