It's hard to find a bear in the chorus of bullish forecasters, but a few analysts are still worried about 2025.Spencer Platt/Getty ImagesCash holdings have fallen sharply as investors chase the rally in stocks, Bank of America said.The level of cash under management fell to 3.9% in December, triggering a "sell signal" in the stock market.When cash dips to that level, global stocks typically decline 2.4% in the following month."Super-bullish" investors have drained cash holdings to a level that typically precedes a stock market decline, Bank of America said this week.The bank's latest fund manager survey found that cash allocations are at a record low, driven down by a record-high allocation into US stocks.