This ‘incredibly bullish’ convergence of 2 trends is a can’t-miss combo. Jinx?

This may feel like a market brimming with wide-eyed optimists, but you wouldn’t know it from how investors are allocating their assets. Cash rose 2.1% in October to 18.7%, marking a five-month high, according to the American Association of Individual Investors. And it’s been 14 months since equity allocations have been this low.