CHART OF THE DAY: The Last Time Wall Street Strategists Felt This Way, Stocks Surged Like Crazy

Bank of America's U.S. equity strategy team just boosted its year end target on the S&P 500 to 1,450 from 1,400.
One reason for this bullish upgrade was a change in the firm's Sell-Side Indicator.  According to the firm's research, Wall Street's strategists are now "extremely bearish" and they are underweight equities.
  Because this is a contrarian indicator, BofA sees this as bullish sign for stocks.