9 Reasons America’s Largest Bank Still Doubts The Rally

It's been a tough year for anyone determined to stick with a bearish call on US equities. The same is true of defensive portfolio allocations in general. Discretionary investors holding out for a recession that never came were seemingly forced from the sidelines over the past two months. Various positioning indicators and options metrics pointed to a panic grab for exposure into a melt-up that refused to abate. Not even the highest real yields in a dozen years managed to take the shine off --