‘Buy’ Signal Persists in September: Merrill

Bank of American Merrill Lynch’s September fund manager survey found that investors’ average cash balance dipped to 4.8% from 4.9% in August, still above the past 10-year average of 4.5%. As a result, the fund manager survey cash rule remains in buy territory. This rule says that when average cash balance rises above 4.5%, a contrarian…