Key Takeaways BofA's Bull & Bear Indicator signals elevated market optimism and correction risk. High AI spending, rich valuations and rate fears argue for a more defensive stance. XLP, VIG, SHV and XLF offer defensive exposure, income and resilience.Despite the heightened geopolitical crisis and the resultant massive rally in energy prices, occasional crashes in the biggest driver of the market, i.e., the AI theme, persistent inflation worries and rising rate fears, Wall Street has displayed a pretty solid ...