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Wall Street bullish sentiment hits 3-year low

Traders work on the floor of the New York Stock Exchange.
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Even though the stock market rallied 6 percent this year, Wall Street pundits remain quite bearish, recommending the lowest exposure to U.S. stocks in three years, according to Bank of American Merrill Lynch's Sell Side Indicator.

The firm's measure, which is based on the average equity allocation by Wall Street strategists, or how bullish they are on equities, fell to 49.6 in August from 50.8 in July.

The bearishness, however, could be a buying opportunity for those investors willing to take a contrarian stance, according to Savita Subramanian, head of U.S. equity and quantitative strategy at BofA Merrill Lynch.