Merrill Lynch released a survey of fund managers that found investor appetite for risk was up in the beginning of April. More than a quarter of those surveyed said they expect the global economy to strengthen in the next year. "Investors have moved from apocalyptically bearish to reluctantly bullish. Still, we are not seeing that bull market euphoria. Most are still underweight in equities and cash levels are still high," said Michael Hartnett, co-head of international investment strategy at Banc of America Securities-Merrill Lynch Research.