Investors haven't hated the US stock market this much since 2007

Investors haven't been this cautious on the US stock market since 2007.

According to Bank of America Merrill Lynch's latest global fund manager survey, overall exposure to the US stock market moved to a 14% net underweight position.

This marked the sixth-straight month that fund managers were net underweight the US stock market, the longest stretch since 2007 in the run-up to the financial crisis.

In its report Bank of America noted that overall, fund managers were long stock markets in Europe and Japan where the benefits of a strong US dollar will be more pronounced, and short the US and UK stock markets where policymakers are prepping for the first interest rate hike since the financial crisis.