Record Retail Investor Purchases Heading Into Earnings, As Reluctant Institutions Get Dragged In

There was a fascinating chart in today's Fund Manager Survey report from Bank of America: it showed that while financial institutions are bearish (or at least deeply underweight stocks), US individuals - as measured by the AAII (American Association of Individual Investors) are very bullish: in fact there are only a handful of times when they have been more bullish.

But while it remains doubtful that institutions are truly "waiting for the moment to go short" or even merely underweight stocks, despite what their profess to the BofA Fund Manager Survey which, as we have lamented before, nobody ever tells the truth...