"We now have a tactical sell signal, and one of the most prominent risks is that rates are rising and hitting critical levels, " he wrote in a note to clients, adding that he was neutral on equities, overweight on cash, underweight on bonds and prefers large-company stocks.
Recently I have been relatively neutral on stocks because the markets in January have been flooded with cash from investors reinvesting proceeds from year-end tax avoidance selling and bonus income they took last year instead of 2013.