bullish signal?

Interesting survey from #boa that shows investors are underweighted US Equities by a significant amount (-40%). Maybe the rally we have seen since January 2nd is due mostly to short covering, or maybe investors are allocating more to Non US Equities, which have started the year stronger than domestic equities. The fact of the matter is, this signal is actually bullish for equity markets. It indicates there may be very few sellers left out there. But the follow up question is, what asset class(es) are investors overweighted? Where will the money come from to buy equities when the time (or price) is right?

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