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Average cash balances remain at 3.8%, but those overweight cash falls to 2% (from 8%), the...

Average cash balances remain at 3.8%, but those overweight cash falls to 2% (from 8%), the lowest read since February 2011, according to the BAML Fund Manager Survey. The favorite sector, though, is a defensive one - Pharmaceuticals (XPH), with those overweight it rising to 27% from 11%. Technology (XLK) saw the biggest drop, a 12 points swing lower in those overweight.
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