Bank of America's monthly survey shows that 56% of institutional fund managers are currently overweight equities, while the cash allocation among funds has dropped to 3.5%, one of the lowest levels in 30 years, falling below the bank's 4% "sell" contrarian indicator. Furthermore, Bank of America's Bull & Bear Indicator has flashed a "red sell signal" for three consecutive months, currently standing at 9.3, above its 8.0 "extremely bullish" trigger point. Michael Hartnett, the bank's chief investment strategist, advises "retreat/rotate, don't reload," meaning to withdraw from risk assets and rotate into defensive assets, duration assets, and the U.S. dollar.