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Investors are as bearish now as they were at the 2008 lows.

Key bit: “[Fund manager survey] investors have not been this bearish since the Global Financial Crisis, with pessimism driven by trade war and recession concerns” wrote Michael Hartnett, chief investment strategist.

As a result, cash levels are sky high. Key bit: The BAML Bull & Bear indicator dropped to 2.3 from 2.5 (see chart below, which shows growing levels of cash, a feature of BAML’s bear indicator):

High cash levels=Stock Fuel

Hat tip MarketWatch