Recommended equity allocations by Wall Street strategists stood at just 52.7% in April, which represents the lowest level in six years. But that pervasive bearishness suggests stocks could see big gains over the next 12 months, according to the note.returns were positive 94% of the time . Even if we factor in a distribution approach to control for higher returns from 1985 to now, this still yields a year-end forecast of 4,500," BofA's Savita Subramanian said.
The indicator is contrarian in the sense that when everyone is bearish, it pays to get bullish on stocks.
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