Reuters is out with some intel about where the relentless bid for stocks has been coming from all month…
U.S. money managers increased their equity holdings in February to the second highest level in 14 months, tracking a rally in the S&P 500 stock index, a Reuters poll showed on Wednesday.
The poll, which surveyed 13 U.S.-based fund management companies between February 17 and 28, found that firms allocated 65.6 percent of their assets into equities, a gain of nearly 3 percentage points since January.
February’s equity allocation figure is only exceeded over a 14-month period by 66.8 percent in December.
In my experience, these types of raising and lowering equity exposure cycles take place at a glacial pace and they rarely turn or stop on a dime.