Death to the bull market real soon, suggested one investment bank's quasi doomsday clock. 

Bank of America's bull and bear indicator, a proprietary measure of market sentiment, is flashing its highest sell rating on the S&P 500 since March 2013.

The firm's equities strategists see a pullback in the S&P 500 in February or March as "very likely." To be sure, the indicator is nothing to laugh at. Bank of America pointed out the indicator has flashed 11 sell signals since 2002 and has a "hit ratio" -- or a measure of accuracy -- of 100%. 

Indeed, euphoria among investors isn't too hard to notice. 

Bank of America said it has seen a record inflow to equity funds this week of a cool $33.2 billion. Cash allocation for the bank's clients is at a record low of 10%. And 98% of the global equity markets are trading above their 50- and 200-day moving averages. 

If this data doesn't get one worried, perhaps Netflix (NFLX) shares being up 21% over the last five sessions should (just saying). 

On Morning Jolt, TheStreet's Executive Editor Brian Sozzi and correspondent Scott Gamm looked at the markets ahead of key earnings reports from Action Alerts Plus holdings Microsoft (MSFT) and Apple (AAPL) .

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