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The team of Michael Hartnett, a strategist at Bank of America, stated that the current market sentiment is extremely bullish, and investors should reduce their exposure to stocks and high beta assets. According to a survey by fund managers at Bank of America, investors' cash holdings have decreased from 4.1% to 3.6%, with US stock holdings at their highest level since December 2024 and a net over allocation of 24%. The reading of Bank of America's bull/bear index is 9.4, which is in an extremely bullish range.