Interesting data from leading a US Bank casts doubts on Santa Claus rally for the Nasdaq 100

Ahead of the US stock market opening this afternoon there is an interesting report out from a major US bank. Granted this is something or a reverse indicator, but according to their research it has heralded a reversal in the US stock markets in the past. Let me explain as briefly and succinctly as possible. This indicator tracks Fund Manager cash holdings and according to the data, those have fallen to just 3.9% of allocatable funds, whereas right now equity allocation is 36% overweight. The study from this bank suggests that on 3 previous occasions when the cash balance fell below an equilibrium level of zero, it heralded a stock market reversal, in 2002, 2009 and 2011. Well according to their research this latest data suggests the lowest level of cash ever. So, does that mean that Santa is not coming this year? Well, the reader is left to make their own mind up on that, but interesting data all the same. We know the Dow Jones has been falling for 8 straight days, but what about the Nasdaq 100? That set a new record yesterday, but it is time to take the money and run before Santa decides he is not coming this year? We shall have to see on that. As you know the index set a record close last night at 22,096. It is right now priced to reopen around 22,045