The BofA Merrill Lynch Fund Manager Survey for September shows that the summer anomaly of high cash levels and high macro optimism has been corrected via sharp declines this month in global growth expectations (lowest since July 2012) and equity allocations (lowest since Sept 2012). “Unambiguous pessimism means risk assets riper for a rally (note investors don’t want a Fed hike today). If no rally, then markets ominously hinting ‘recession’ and/or ‘default’ imminent.”