Fund managers are the least bearish in more than a year, says Bank of America.

A downbeat day is stacking up for Wall Street after surprise rate cuts from China and stronger-than-expected retail sales data.

Prefacing our call of the day is this quote from famed investor John Templeton: “Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.”

Now for the call, which comes from…