Bank of America: The Flow Show – Investing with Pleasure

BofA's Bull & Bear Indicator rose to an extreme 9.7 sell signal as investors remain aggressively positioned for a 'no landing' outcome. Strategists recommend hedging policy and political risks with long positions in gold and commodities (GNR) as central banks tilt back toward rate hikes.

Key Takeaways

• 1.The BofA Bull & Bear Indicator rose to 9.7 from 9.5, remaining deep in extreme bull 'sell signal' territory driven by strong global equity breadth and aggressive risk positioning.
• 2.Weekly fund flows showed massive rotation into safety/real assets and bonds: $17.7bn to bonds, $7.3bn to gold (biggest since Oct'25), $3.2bn to crypto, while US stocks saw $4.4bn in outflows and HY bonds saw $0.7bn in outflows.
• 3.BofA Global Breadth Rule sits at 82% of global market indices trading overbought above 50-day and 200-day moving averages, approaching the contrarian sell signal threshold of >88%.

Table of Contents

• Scores on the Doors
• The Biggest Picture
• The Price is Right
• Tale of the Tape
• Weekly Flows
• Flows to Know
• BofA Private Clients
• BofA Bull & Bear Indicator
• BofA Breadth Rule
• On Positioning
• On Policy
• On Politics
• Asset Class Flows
• Fixed Income Flows
• Equity Flows
• BofA private client flows & allocations
• The Asset Class Quilt of Total Returns
• BofA Rules & Tools
• BofA Bull & Bear Indicator (B&B)
• 2026 Cross-Asset Winners & Losers
• The Overbought & Oversold
• Acronyms

Report data

Chart 1: BofA Bull & Bear Indicator — as of August 26, 2026.

Reports in this series

The Flow Show is shown in chronological order through this edition, published on August 28, 2026.

Part of the The Flow Show series — view all 13 editions

Looking for the latest edition? The Flow Show Let them eat data (Sep 3, 2026)

1. May 15BofA- Hartnett- The Flow Show The Bidterms 20260514
2. May 22BofA- Hartnett- The Flow Show Ground Control to Major TAM 20260522
3. May 29BofA - Hartnett - The Flow Show Post-bubble: long humiliation, short hubris 20260529
4. Jun 5BofA - Hartnett- The Flow Show The Wealth Up Biz & a World Cup Quiz
5. Jun 12BofA - Hartnett- The Flow Show Give Ps a chance
6. Jun 18BofA - Hartnett- The Flow Show V for Victory, Votes & Vigilantes
7. Jun 25BofA- Hartnett- The Flow Show Small is Big 20260625
8. Jul 2BofA - Hartnett- The Flow Show Red, White, and Boom
9. Jul 9BofA- Hartnett- The Flow Show No landing, no cut, no hike, no sweep, no bears
10. Jul 17o4V8fIOV
11. Aug 6The Flow Show - Poor man’s LTCM, rich man’s YCC

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