Salient to Investors:

Bank of America  survey said optimism among global asset allocators has fallen back to the lows of autumn 2011:, equity holdings have been reduced to underweight for the first time in seven months, cash raised to the highest level since 2008 and third-highest level on record.


RBC Capital Markets said the S&P 500 is mired in a bottoming phase after this year’s best weekly rally failed to reverse the downtrend in cyclicals.

Janney Montgomery Scott’s Mark Luschini said pessimism is so high that the prospect of any relief will jump-start a rally – investors are desperate for continued liquidity injections.

Fitch said Spain will significantly miss its budget deficit targets.

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