The stock market turbulence of the past three months has sent major averages tumbling and investor money to the mattresses.
Market pros have gotten so nervous that portfolio cash allocations have hit levels not seen since November 2001, according to Bank of America Merrill Lynch's fund manager survey for February.
Investors also have gotten more pessimistic about what lies ahead, putting growth and profit expectations at their lowest levels since July 2012.
Probabilities for another Fed rate hike have diminished considerably, with the outlook now for no more than two moves in the next 12 months. Allocations to equities in general have diminished considerably, with investors piling into trades that benefit from a stronger U.S. dollar.
All the pessimism, however, contains a silver lining. BofAML analysts see the dash to cash and generally dismal expectations as an "unambiguous 'buy' signal."