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Bank of America issues its strongest sell signal yet as stocks tumble

The Bull & Bear indicator managed by Bank of America Merrill Lynch has finally flashed a firm sell signal after weeks of overextended conditions. The firm's chief investment strategist Michael Hartnett has repeatedly warned against investor overconfidence, which he says has left the market vulnerable to a downturn. Hartnett forecasts that the benchmark S&P 500 will drop roughly 4% from current levels by the end of the first quarter.
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