BAML Bull & Bear indicator still says “sell”

LONDON (Reuters) – Bank of America (NYSE:) Merrill-Lynch’s barometer of market sentiment remained in ‘sell’ territory on Friday, after a week of market turmoil which has left U.S. equities down more than 10 percent from their peaks and in so-called ‘correction’ territory.

BAML’s ‘Bull & Bear’ signal fell to 8.5 from 8.6 last week but that, according to its strategists, remains in “excess bullish” territory and still signals a “sell”.

The indicator had jumped from 7.9 to 8.6 on Jan 30, driven up by record inflows to equities and bullish hedge fund risk appetite.

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