BofA strategist Michael Harnett reports the Bull & Bear Indicator rose to 9.7…

Brief

Markflowchatter reports BofA’s Michael Harnett warning that the Bull & Bear Indicator climbed to 9.7 (from 9.4), its highest since 2021, driven by strong HY inflows, tighter global HY and AT1 spreads, and broader stock‑index breadth. Citadel’s CTA work shows systematic positioning — including gold and silver — is net short, which could translate into buying if momentum reverses; the poster is discussing adding structural gold exposure in 2026.

Why it matters

BofA strategist Michael Harnett reports the Bull & Bear Indicator rose to 9.7 from 9.4 — the highest reading since 2021 — with the “old” Bull & Bear Indicator at 7.8; drivers cited: strong high‑yield (HY) inflows, tighter global HY and AT1 risky bond spreads, and stronger global stock‑index breadth.

Key details

Citadel’s Rubner / Citadel Securities CTA analysis shows systematic positioning remains net short; both gold and silver are positioned net short, meaning renewed upside momentum could force systematic buying and create another source of demand.

The author (markflowchatter) says they have begun discussions to add structural exposure back into gold for the first time in 2026.

Absolutely nothing to see here

Top Dawg at BofA Harnett sounding the alarm on the markets"

BofA Bull & Bear Indicator: rises to 9.7 from 9.4, highest since 2021, on strong HY
inflows, tighter global HY and AT1 risky bond spreads, and stronger global stock index
breadth; note "old" Bull & Bear Indicator at 7.8

And the infamous Rubner at Citadel

"Systematic positioning remains short."
Citadel Securities’ CTA analysis shows both gold and silver positioned net short.

With positioning still offsides versus an improving macro backdrop, renewed upside momentum could drive systematic buying and add another source of demand.

We have started discussions around adding structural exposure back into gold for the first time in 2026.