Is it time to be worried about the market's current phase?

Judging by the very bullish February survey of big fund managers from Bank of America Merrill Lynch now might be the time to be thinking a little outside the square.

The survey says "Investors are more bullish towards global equities than at any time in the past decade."

Just take that in, more bullish than before the crunch.

Hmmmm. Is that the sound of galloping bulls, or a gang of crazed lemmings racing for the market?

Certainly the outlook is more than a touch bovine.

A net 67% of asset allocators say that they are overweight global equities, the highest reading since the survey began asking this question in April 2001.

And they have fled emerging markets for the joys of developed markets, despite the rotten growth prospects and the enormous rally in developed markets in the past year.

NO wonder the rise in the overweight position of global shares