Money managers most underweight U.S. stocks since January 2008, but NASDAQ is most crowded trade

According to Bank of America Merrill Lynch’s most recent survey, money managers are 20% underweight U.S. equities. Managers haven’t been this underweight since January 2008. At that point the Standard & Poor’s 500 was near a peak before crashing in the global financial crisis.The underweighting is a result of valuation. “A net 80% of investors think the United States is the most overvalued region.”

Today’s bank earnings and market reaction a mixed bag–which is an improvement from Friday’s pessimism

Today’s bank earnings and market reaction a mixed bag–which is an improvement from Friday’s pessimism

More big bank earnings today–and, fortunately, they were a mixed bag. Which made them markedly better than Friday’s results. Bank of America’s (BAC) ‘s second-quarter earnings per share rose 12% to 46 cents, beating by 3 cents a share. Revenue climbed 7% to $22.8 billion against the Wall Street consensus of $21.915 billion. Shares of Bank of America closed up 0.5% today, July 18.