The stock market will continue higher until these 2 things happen, Bank of America says

• The stock market should continue to rise as investor positioning continues to be subdued, according to Bank of America.
• The bank highlighted that while active managers are saying they're bullish on stocks in surveys, their portfolios don't reflect that view.
• Stocks could extend their current bull market until these two things happen, according to BofA.

Hedge funds are saying one thing, but doing another, and that suggests to Bank of America's Savita Subramanian there is more upside to be had in the stock market until two things happen.