Bank of America Tells Investors to Take Profits as 7 of 10 Bear Signals Flash

Bank of America told clients to take profits, saying seven of its 10 bear market signals are flashing—an average level seen before major downturns since 1990. According to BeInCrypto, the warning came in a June 5 note from Savita Subramanian, the bank’s head of US equity strategy, titled “Too many red flags. Take profits.” BofA said four signals had fired by March and seven by May; the S&P 500 fell 2.6% that Friday. Subramanian said there is opportunity in S&P 500 stocks but not the cap-weighted index, and flagged a 7,100 year-end target. BeInCrypto also cited the Crypto Canary Composite at 69.1, with Bitcoin drawdown stress at maximum and stablecoin supply shrinking.