Week after week sentiment data is showing stock-market bears are outnumbering bulls. And equity positioning is sitting at levels that don't fully account for stellar earnings growth. The reticence comes as economic and corporate fundamentals remain solid, suggesting more buying power down the line. "This is, arguably, the best earnings environment in the history of the economy," Mark Hackett, chief market strategist at Nationwide, said phone. Data compiled by Deutsche Bank AG show large-cap equity positioning is sitting in the 87th percentile of observations going back 10 years ago.