Bank of America was out with its monthly fund manager survey today. It's an underrated release because it shows off the most-crowded trade and reveals the consensus; and it's often a great idea to go against the consensus.
It shows that the pain trade is still higher in risk assets. While fund mangers aren't nearly as pessimistic as in November, they're still cash heavy and 66% think this is a bear market rally.
Notably, the US dollar is no longer the most-crowded trade, it's now 'long China' and there's been a particularly quick rush into emerging market stocks.
