BofA’s Hartnett Says Stock Rally Close to Triggering Sell Signal
- Bank’s bull-and-bear indicator gets closer to flashing sell
- Fund managers’ cash levels are among key metrics to watch
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A speedy rally that sent US stocks on a record-setting spree is now close to triggering several sell signals, according to Bank of America Corp.’s Michael Hartnett.
The bank’s custom bull-and-bear indicator rose to 6.8 in the week through Feb. 7, Hartnett wrote in a note. A reading above 8 would suggest the bullish trend has run too far, flashing a contrarian signal to sell, the strategist said.