Bank of America warns: Surge in warning signals, it's time to "take profits"

Strategists pointed out that given the presence of “too many warning signals” (including consumer confidence data and credit stress indicators), investors are advised to “take profits.” The S&P 500 Index is currently “statistically overvalued.” Individual stocks may still have room for excess returns, but the overall market-cap-weighted index may struggle to perform. Bank of America has set a year-end target of 7,100 points for the S&P 500 Index.