BAML: Investors ditch cash for EM and U.S. stocks

• Cash levels this month dipped to 5.4% from their 15-year high of 5.8% in July, according to the BAML Fund Manager Survey. Alongside, equity allocations rose to 9% overweight from 1% underweight.
• Among the beneficiaries were emerging market stocks ([[EEM, VWO), where allocations rose to 13% overweight from 10% overweight a month earlier.
• Froth? Not yet, says Michael Hartnett, as sentiment has moved from "fear," but not all the way to "greed." He expects further stock gains until a bond market tantrum interrupts things