Silver as an investment

Category Archives: Bank of America

Bank Of America: “This Is A Clear Sign Of Irrational Exuberance”

The latest monthly Fund Manager Survey by Bank of America confirmed what recent market actions have already demonstrated, namely that, as BofA Chief Investment Strategist Michael Hartnett explained, there is a “big market conviction in Goldilocks leading to capitulation into risk assets” while at the same time sending Fund managers’ cash levels to a 4-year […]

Junk Bond ETFs Have Rough Two Weeks: Deals Pulled, Outflows Rise

Submitted by Mish Shedlock Volatility has returned, at least in the junk bond market. JNK, the Barclays High Yield Bond ETF, and HYG, the iShares High Yield Bond ETF, both had the steepest decline in three months. Is this another buy the dip opportunity, or is risk avoidance about to take hold? Cracks Widen Reuters […]

Tech Stocks Accounted For 75% Of The Market’s October Return

For some context on the unprecedented dominance of the tech sector on the overall market, here is some perspective from BofA’s Savita Subramanian on October returns, when Tech continued to lead the other ten sectors, generating +7.8% on a total return basis. This translates into a whopping 75% of the S&P 500’s return last month! […]

“It’s A Vicious Cycle”: Goldman Abandons Equity Options Market-Making As Vol Collapses

October is historically the most volatile month of the year, but in 2017 – the average volatility of US equity markets dropped to an all-time record low…   … And you know something's wrong when, just like in early 2007 when the crash in vol killed the swaptions industry – just before all hell broke […]

The Fed Balance Sheet Unwind Myth

Authored by Lance Roberts via RealInvestmentAdvice.com, Since the beginning of the year, the Federal Reserve has been heavily discussing, warning rather, they were going to begin to “unwind” their gargantuan balance sheet. As Michael Lebowitz recently penned in his subscription-only article “Draining The Punchbowl:” “Since QE was first introduced, the S&P 500 has gained 1,546 points. […]

Black Monday 2.0: The Next Machine-Driven Meltdown

Authord by Ben Levisohn via Barrons, In the rise of computer-driven trading, some hear echoes of the stock market’s 1987 crash. Beware the feedback loop… Black Monday. Although the event to which those two words refer occurred 30 years ago, they still carry the weight of that day—Oct. 19, 1987—when the Dow Jones Industrial Average […]

Bank of America: “This Is The Most Consensus Trade In The World”

One week ago, BofA chief investment strategist Michael Hartnett laid out his reasoning for why a market correction is imminent: Global stock market cap up a massive $18.5tn (= US GDP) since Feb’16 lows 3P’s (Positioning, Profits, Policy) thus closer to peak than trough: BofAML Bull & Bear Indicator was 0 in Feb’16, now 6.9; […]

World Stocks Hit 4th Consecutive Record High, Bonds Rise On ECB QE Report

World stocks rose to a 4th consecutive record highs, while the dollar headed for its worst week; U.S. stock-index futures are steady, with European and Asian stocks higher ahead of much anticipated US inflation data, which is expected to give cues on the outlook for the Federal Reserve’s interest rates. MSCI’s all world equity index […]

Human Traders Are Trouncing The Machines

The contemporary low volatility trading environment has been kind to actively managed equity funds – particularly if they piled into large-cap momentum stocks like Facebook and Amazon, which have been responsible for the bulk of this year’s rally. But while active managers have enjoyed three quarters of strong returns, quant funds – purportedly the future […]

ESPN’s Jamele Hill Urges Fans To Boycott Anti-Kneeling NFL Advertisers

Having been reprimanded by her boss (and President Trump) for her previous divisive remarks, ESPN's Jamele Hill called on football fans to boycott advertisers who are aligned with teams pushing back against 'kneeling'. As a reminder, after her last outburst, here is what ESPN president John Skipper said in a memo to staffers: "ESPN is […]