Homepage / Investment / Rally continues, but 'this is kind of how bull markets end,' Bank of America strategist says
Les Gambling establishments en Ligne en France 2024 200% Reward + 300 Free Rotates LevelUp Internet casino Melbourne En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi En İyi ve Güvenilir Casino Siteleri Canlı Casino Siteleri 2023 Listesi Le meilleur casino en ligne franзais Extra Casino avec le dйpфt minimal le in addition bas Yeni Casino Siteleri ᐈ Çevrimiçi Kumarhaneler Mart 2024 Les gambling establishments en ligne proposent une grande variйtй de jeux de internet casino gratuits. Türkiye’deki Resmi Web Sitesi Google Play, Türkiye’de kumar oyunlarına izin verecek Her Gün Tatil Olsa ORDU’DA PAZARTESİ GÜNÜ FINDIK FİYATI NASIL? كازينو اون لاين الكازينوهات الممتازة على الإنترنت ألعاب الكازينو المباشرة مينا كازينو العر Google Play, Türkiye’de kumar oyunlarına izin verecek Domain Sorgulama & Domain Fýrsatlarý Canlı Casino Siteleri: 2024 Güvenilir Siteler Seçilmiştir Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın Golden Easter Slot İncelemesi 2024, Demoyu Ücretsiz Oynayın 1xbet Türkiye Giriş Empieza Kayıt 202 Kumar Ve Kumarhaneler Hakkında Pek İlginç 21 Bilgi Kumarhane Doğru Yazımı Nedir? Tdk Ile Kumarhane Kelimesinin Doğru Yazılışı! Mobilbahiste En İyi Kumar Bonusları Ve Kazançlar Mobilbahis Giriş Sayfası On Line Casino Siteleri En Iyi Casino Siteleri 2024 Mostbet: Türkiye’de Internet Casino Mostbet Online Slotlar Ve Canlı-casin Pin Up Casino Oyna Türkiye, Pinup’un Sah Web Sites Ifade Haberleri Son Dakika Ifade Hakkında Güncel Haber Ve Bilgiler “önceliğimiz Transferin Önünü Açmak, Görüştüğümüz Yerler Var” On Line Casino Nuh’un Gemisi Deluxe Resort & Spa, Kıbrıs Bonus Veren Siteler 3 000 Den Fazla Online Oyunu Ücretsiz Oyna En Tehlikeli Kumar Oyunu Ekşi Sözlük Deneme Bonusu Veren Siteler Deneme Bonusu 2024 Explore the Magic of WildCardCity Güvenilir Bahis Siteleri En İyi Kumar Siteleri Balıkesir Triatlonuna Avrupadan Ödül Tricks of the Aviator gambling establishment game by Spribe Çevrim Içi Kumar Siteleri “bonus” Yalanıyla Kandırıyor En Güvenilir Canlı On Line Casino Siteleri Xbetting-tips Com Uncovering the Abundant Tapestry of Ozwin Gambling establishment Evaluating Board Portal Providers Uncovering the Wealthy Tapestry of Ozwin On line casino Electronic Data Area Providers Evaluation Cobra Internet casino: Raising the Australian On the internet Video gaming Practical experience 4 Things to Search for in Safeguarded Cloud Safe-keeping Fastpay On line casino Australia – Simple and No-Taxation Wagering Web page officielle franзaise de Joka Gambling establishment The Software Development Universe Game Woo Internet casino – Enjoy Slot machine games around australia Ostdeutsche Biersorten What Are Virtual Data Rooms? Vitamin D Receptor Polymorphisms Revue du Casino BlackLabel Faktory, kterй ovlivnujн hodnocenн ceskэch online kasin How to Make the Most of Your Web Development Organization and Advertising Efforts L’essor des casinos en ligne en France Boost Meeting Efficiency With Boardroom Technology Developments WildJoker Casino WildCardCity On line casino – Guaranteed Australian Gambling Portal WildCardCity Casino – The Ideal On the internet Gambling establishment within australia Modern Technologies Produce Sharing Documents Online Faster and More Protect Free Virtual Info Room pertaining to Speedy Due Diligence A Review of Data Area Software For people who do buiness Five Board Bedroom Features Which will help You Acquire a More Productive Boardroom Electronic Systems To your Business Understanding Legal Terms and Laws in Today’s World The Laws and Contracts of Hollywood: A Sunset Blvd. Tale Legal Discussion Between Johnny Cash and Antonin Scalia Legal Insights: What Teens Should Know Legal Issues and Exceptions: What You Need to Know Legal Insights and Expert Analysis Celebrity Dialogue: Legal Matters in the 21st Century Famous Personalities Discuss Legal Issues The Boys in the Boat: Legal Advisors and The Quest for Legal Knowledge Understanding Legal Matters: Q&A on Criminal Law, Joint Ventures, and More Enticing Title The Departed: Understanding Basic Work Requirements and Legal Rights Youth Slang Blog Article Legal Insights: A Journey into the World of Law The Ins and Outs of Legal Matters: Everything You Need to Know Legal Insights and Trends: A Rap Guide Mysterious Legal Matters Unveiled Insights and Information: Understanding Various Laws and Regulations Famous People of the 21st Century The Circle of Legal Life The Intersection of Fashion Law, Legal Translation, and THC Oil: A Modern Legal Guide Legal Q&A: Understanding Joinder Federal Rules and More Understanding Legal Terms and Conditions: A Comprehensive Guide Understanding Legal Documentation in a Fun Way! Understanding Legal Aspects: From Islamic Law of Inheritance to Farm Law Protests Understanding Legal Rights: A Guide to Legal Regulations and Requirements Understanding Legal Guidelines and Agreements Famous 21st Century People in Conversation Mysterious Legal Matters Unveiled Legal Matters and Real Estate: A Conversation Between Cameron Boyce and Donald Trump Understanding Legal Expertise and Why It Matters Legal FAQs and Expert Services Understanding Legal Ramifications: Common Law Ontario Health Benefits and More The Ins and Outs of Legal Requirements: From FBI Academy Physical Requirements to Silver Lake Fishing Rules The Legal Underworld: Understanding the Significance of Laws and Rights Legal Conversations: A Dialogue Between Jon Jones and Chadwick Boseman Legal Beats: Bobcats, Real Estate, Babysitting, and More

Investment

Rally continues, but 'this is kind of how bull markets end,' Bank of America strategist says

As investors get more confident about the latest leg of the stock market rally, one Wall Street strategist is growing more concerned.

“This is kind of how bull markets end,” Savita Subramanian, equity and quant strategist at Bank of America Merrill Lynch, told CNBC during an interview Tuesday. “What we’re in right now is this sort of euphoria around stocks that’s been missing for this entire bull market.”

Indeed, the run that began in March 2009 often has been declared “the most hated bull market in history,” due largely to the lack of investor participation.

However, Subramanian said she feels the tone is shifting. Wall Street pros like her are moving more money to equities, companies are starting to pull back on share repurchases as stocks get more expensive, and investors are demanding more from companies when they report earnings.

“People are starting to buy the dream that stocks can go up,” she said. “This is what I worry about. It’s not the age of the bull market, cause bulls markets don’t die of old age. It’s just a lot of the things we’re looking at look very late-cycle.”

One of the main things Subramanian pointed to was investor reaction to quarterly earnings reports.

Heading into this week, 81 percent of S&P 500 companies had beaten profit expectations, after 73 percent had done so in the second quarter. In both quarters, investors have had muted reaction to earnings beats. Where shares of those outperforming companies would be expected to rise, they have had almost no reaction.

In fact, companies that beat earnings in the second quarter actually averaged a slight decline in the two days after reporting.

“There has been no reward for earnings beats, which is a little bit weird,” Subramanian said. “The bar’s getting higher. Investors are expecting good news. When they got good news, it’s already in the stocks.”

Investor behavior and sentiment have shown additional signs of optimism.

Cash balances for fund managers have fallen to 4.7 percent, the lowest in two and a half years. At the same time, investors have poured $236.7 billion into stock-based funds, with last week’s inflows of $11.6 billion the most in 17 weeks. Investors even put $2 billion into mutual funds, the first time in 11 weeks that active strategies have attracted money, according to BofAML and EPFR data.

The flows reflect how much more optimistic professional investors have turned.

Bulls in the latest Investors Intelligence survey are up to 60.4 percent, which editor John Gray considers the “danger zone.” Moreover, he said current patterns are starting to look a lot like 1987 as the market nears the 30th anniversary of Black Monday.

Specifically, he said bulls peaked above 60 percent that year, fell, then moved above 60 again alter in the year as the market was about to crash.

“That scenario suggests potential significant danger for Oct/Nov 2017!” Gray wrote.

BofAML has been among the most cautious firms on Wall Street, holding a 2,450 S&P 500 price target that would represent a 4 percent decline from the current level.

Generally speaking, Subramanian said she finds it “very unsettling, the fact that fundamentals aren’t driving the bus.”

Source: Investment Cnbc
Rally continues, but 'this is kind of how bull markets end,' Bank of America strategist says

Comments are closed.