Bank of America Survey: Market sentiment remains extremely bullish, with difficulty in asset prices moving higher in the first quarter.

The "Global Fund Manager Survey" of Bank of America shows that investor sentiment remains "extremely bullish", but as almost everyone has already positioned themselves for the first quarter's rally, it will be more difficult for asset prices to continue rising in the first quarter. Bank of America's strategist team, led by Michael Hartnett, pointed out: investors' overweight position in commodities has reached its highest level since May 2022, at a net 28%; their overweight position in stocks has reached its highest level since December 2024, at a net 48%; their underweight position in bonds has reached its highest level since September 2022, at a net 40%; cash levels have only slightly rebounded from last month's record low of 3.2% to 3.4%.