Recent data from Bank of America's fund manager survey reveals a notable shift in investor sentiment towards U.S. equities. Allocation to U.S. stocks surged to a record high of 36% overweight, marking the highest level since the survey began in 2001. Concurrently, cash levels among fund managers have fallen to 3.9%, the lowest allocation on record, indicating a strong preference for equities over cash. This trend has triggered a sell signal for global equities, as the current cash levels suggest potentially lower returns ahead. The survey, which included 171 fund managers managing a total of $450 billion in assets, highlights a significant bullish sentiment in the market, with over 56% of American consumers expecting stock prices to rise in the coming year. Additionally, a record-high share of investors perceives a less than 10% probability of a market crash within the next six months.