Cash allocations are quietly moving in a more bullish direction.
The latest AAII Asset Allocation survey showed cash allocations falling slightly to 15.3%.
That is still above the historical sell threshold of 14%, so this is not yet a clean complacency signal.
But the direction of travel matters.
Equity-bond allocations rose to 54.8%, suggesting investors are slowly moving back into risk assets.
They are still below the November high of 57.2%, which means sentiment has recovered, but is not yet back at last year’s more optimistic levels.