Fund managers are bullish. Bank of America warns of trouble ahead if the Fed doesn't cut.

Core Insights - Bank of America's November fund management survey indicates that investors are currently the most overweight in stocks since February, suggesting a potential risk in the market [1] - Portfolio cash levels are at a low of 3.7%, which is generating a technical sell signal, indicating that investors may be overexposed to equities [1] - The current positioning of investors is described as a headwind for risk assets, rather than a tailwind, suggesting a challenging environment for stocks [1]