Global markets just hit a warning zone. Institutional investors slashed cash to 3.8% of assets in October, the lowest in over a decade, triggering a global sell signal for the fourth straight month, Bank of America data shows. Cash below 4% historically signals equity pullbacks, with stocks averaging 2–3% declines soon after. Fund managers are fully loaded on risk, betting on rate cuts and earnings, but with liquidity vanishing, this could mark the calm before another global market correction.