Is the market truly ready for a sentiment shift? According to a recent BofA survey, there are signs the foundations for one are taking shape right now. The survey showed that the average cash level in investors' portfolios in October hit 6.3%, a level not seen since April 2001 and some way higher than the long-term average of 4.8%. So, there’s plenty of cash waiting on the sidelines and ready to be deployed. With the Fed potentially easing its monetary policy next year, BofA thinks a rally in the first half of 2023 is a real possibility.
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