The "fully invested bear"

|By:, SA News Editor

The S&P 500 is probably 10% to 15% overvalued says BMO private bank CIO Jack Albin, but he's keeping stock exposure high in most client portfolios. It's not all about valuation, he believes - you can't ignore monetary policy and momentum. He'll consider cutting exposure to stocks if they fall 6-7% in a month. "At some point we are going to say, enough is enough, and we are just going to go to cash."

The "fully invested bear" phenomenon - where pros feel they have no choice but to own stocks - is cropping up more and more often of late.

"At the present time, I'm not feeling overly concerned," says Waddell & Reed CEO Henry Herrmann. "More money will come into the stock market ... there is no alternative. Bonds simply don't get you there."

S&P 500 ETFs: SPY, IVE, SH, SSO, SDS, IVV, SPXU, UPRO, VOO, RSP, RWL, EPS, IVW, SPYG, RPG, SPYV, BXUB, RPV, VOOG, TRND, VOOV, SFLA, BXUC, FTA, BXDB