- BAML's Sell Side Indicator is on the rise but remains in "extreme bearish" territory, thus continuing a contrarian buy signal for stocks.
- The latest read of 53.3% comes against the 15-year average of 60.3%. As long as it remains below 54.4%, the buy signal continues (it's spent about all of 2012 and 2013 there). As comparison, the indicator was in the same low-to-mid-50 area at the March 2009 bottom.
- The index tracks back to 1985, and until the last couple of years, sell-side consensus spent very little time in extreme bearish territory. Now it seems to be the norm.
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