Here's a few somewhat disconcerting charts, courtesy of the most recent Bank of America Merrill Lynch survey of global fund managers. First off, a record share (46 percent) say equity markets are overvalued:

But that hasn't changed the net percentage who say they're overweight equities, which is currently 0.3 standard deviations above the historical norm. Some may be getting a bit queasy, but no one's allowed off the ride anytime soon:

And here's the most noteworthy chart of all, according to BAML:

That shift in profit expectations is what BAML calls an “ominous inflection point” for risk-on trades. The jubilation of January has given way to summer doldrums and an increasing sense of dread, but there's still nowhere to go but up.

In other news, get ready for volatility to dissipate once again!