MOAR risk
Here's one other part of the monthly Bank of America fund manager survey that stood out - a surge the percentage of managers who think they are taking more risk than normal. It's nearly at a record high.
As we can see below, though, its record as a contrary sell signal is mixed. We superimposed a log chart of the S&P, so this is inexact, but at least it gives us a sense for whether we should consider this as another worrisome extreme in sentiment. Maybe?

