They say equities are currently climbing the wall of worry

They say equities are currently climbing the wall of worry. The results of FNArena & AIA's Investor Sentiment Survey in May certainly fit in with this framework. Respondents have grown increasingly cautious and lifted the cash component in their portfolio. But isn't everybody waiting for the correction? The Survey paints a picture of a large group of investors who has gone silent on the sidelines, warily observing what is next to come, while worrying about momentum in the domestic economy post the first Abbott-Hockey budget and a potential correction in China's property market. Optimism is now back at levels last recorded in late 2012. For the results: (VIEW LINK)