The latest rally in stocks may be almost over, Bank of America warns

Investors hoping to squeeze some more gains out of the stock market’s latest bear-market bounce might be too late, according to a team of strategists at Bank of America.

According to a Friday note sent to clients and media, the bank’s proprietary Bull & Bear indicator has moved off of its extremely bearish positioning for the first time in nine weeks, going from 0 to 0.4. However, since the BofA gauge is often seen as a contrarian indicator, this could mean that the latest bear-market rally might already be close to ending, according to Hartnett.

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