The results come amid a stock market correction that brought in more than 10 percent at one point, and a spike in bond yields that the benchmark 10-year Treasury notes to a four-year high.
Fears of a breakdown in the stock market did not push investors to stocks. The 43 percent overweight, a 12 percentage point drop that was the biggest move in two years. Cash pink scales three-tenths from January to 4.7 percent.
“While this month’s survey shows that investors are more likely to be less affected,” said Michael Hartnett, chief investment strategist at BofAML.
The firm’s proprietary “Bull & Bear” indicator indicates that Hartnett said is still in place.
Respondents overall grew more pessimistic amidst the market turmoil after expressing positive sentiment for months.
They indicated that the market will S & P 500 at 3,100, or about 17 percent above Monday’s close. Some 70 percent believe the global expansion is in the “late cycle,” the highest reading in 10 years.
However, 91 percent still say a recession is unlikely and remains long in cyclical sectors including tech, banks, energy, emerging markets, Europe and Japan. Optimism over profits is at its highest level since 2011.