All this year, there has been a large minority of investors who have been skeptical of the rally and the high valuations, and particularly skeptical about the "soft landing." That is changing. The July Bank of America Fund Managers Survey, a survey of more than 200 global fund managers, out today, indicates that 68% expect a "soft landing", while only 21% expect a "hard landing" . That estimate for a "soft landing" has been rising for several months.
The week before, it had been 46% bullish, the highest in over a year. This is the sixth consecutive week of above-average bullishness , and a big reversal from early May, when only 24% were bullish. One of the underpinnings of a rising market is high levels of skepticism because it represents people who would come back into the market. But with a lot of investors jumping back in, it makes it harder for the market to advance.
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