Here are the survey highlights

A record one-month jump in net % of investors indicating they have taken out protection against a sharp fall in equity markets in the next 3 months, at net -30% in February from net -50% in January

Fund managers are rotating into cash and out of equities, reducing risk and cyclicality

Average cash balance rises to 4.7% this month, up from 4.4% in January. To rise in FMS cash rose to 4.7% (avg = 4.5% past 10 years) moves BofA's FMS Cash Rule back into a contrarian "buy" signal. Meanwhile, BofAML Bull & Bear remains in "sell" at 8.4 with cash not rising sharply enough to cause a drop below the 8.0 "sell" signal threshold.