The latest data from Bank of America indicates that Wall Street doesn’t have a particularly bullish outlook for the stock market at the moment. However, contrarian investors, as well as Bank of America analyst Savita Subramanian, know that periods of market uncertainty and pessimism can often be the best buying opportunities.

The Numbers

Bank of America’s Sell-Side Indicator currently sits at 53.1, right on the border between Buy and Neutral territory. The Sell-Side Indicator is generated by pooling the average equity allocation of Wall Street strategists to gage their sentiment level.

Subramanian noted that sentiment has improved significantly since its 2012 lows, but it currently remains near the depressed levels seen during the Financial Crisis market bottom in March of 2009.

Projected Returns

According to the Sell-Side Indicator, the S&P 500 is projected…

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