CHART OF THE DAY: The Last Time Wall Street Strategists Felt This Way, Stocks Surged Like Crazy

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Bank of America’s U.S. equity strategy team just boosted its year end target on the S&P 500 to 1,450 from 1,400.

One reason for this bullish upgrade was a change in the firm’s Sell-Side Indicator.  According to the firm’s research, Wall Street’s strategists are now “extremely bearish” and they are underweight equities.

  Because this is a contrarian indicator, BofA sees this as bullish sign for stocks.

chart of the day, sell side consensus indicator, may 2012

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