BOFA does a survey of Fund managers and the following graph should not come as a surprise to investors. Every asset ( EM equities, EM bonds, Commodities) has been sold to buy US equities.
Now that rotation is also almost over.
If dollar index continues to strengthen and DXY break out above 96 levels then US long bond will be the next big beneficiary ,but if US dollar breaks down over here get ready to see fireworks in commodities in general ( they have never been this cheap in last 20 years compared to equities).
