By: Steve Smith
Despite the near-record rally over past few weeks, investors have been pulling money out of stocks and piling it into cash.
The major indices have rallied almost 20% since their December low and money managers are seemingly using this opportunity to reduce equity exposure, especially in U.S. stocks.
According to a BankAmerica survey, equity allocations in February fell to their lowest level since September 2016, indicating a lack of conviction in the sustainability of the rebound.
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