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Wall Street's Diehard Bull Herd Is Thinning As Rally Loses Steam

Wall Street's Diehard Bull Herd Is Thinning As Rally Loses Steam

Bullish sentiment about stocks is waning rapidly. Among leading fund managers across the globe, 34% believe that the S&P 500 Index (SPX) is past its peak, spurring them to reduce their exposure to U.S. equities to the lowest levels since the middle of last year while increasing their cash to levels last seen during the depths of the financial crisis a decade ago, per the latest release of the monthly Global Fund Manager Survey from Bank of America Merrill Lynch. "Earnings revisions have been some of the worst we've ever observed in terms of breadth and velocity," as Mark Wilson, chief U.S. equity strategist at JPMorgan, observed in a recent note to clients, as quoted in a detailed story in the Financial Times.