Record cash levels show investors remain unconvinced by the stock market's bullish transition in 2023, Bank of America says

• Investors aren't fully buying into the stock market's bullish narrative this year, according to Bank of America.
• That's evidenced by fund flows and a record $5 trillion of cash sitting in US money market funds.
• BofA said the "pain trade" for stocks is still higher, but that investors should fade the S&P 500 at 4,100 to 4,200.

Investors have not fully bought into the stock market's bullish pivot in 2023 after a brutal sell-off last year wiped out trillions of dollars in market value.