A delightful piece of strategy lands from BoAML man Michael Harntett, assessing both what the bulls are saying and, just as important, what remains unsaid.
We note that nobody seems to ask about commodities and few seem to ask about China, the old leadership. And, nobody seems to talk about the “Tails” of inflation and deflation. We believe contrarians should at least consider hedges.
It’s a brave man who stands up for bullishness in this climate, FT Alphaville — but here’s another case for optimism, this time based on global macro conditions, including the prospects for an export-led recovery in Europe. Read more
Strategists at Barclays Capital have been hinting for weeks that they were growing wary of the house’s hardline bullish view on equities.
While BarCap’s strategists have yet to issue an outright “sell,” a note published on Monday provided evidence that such advice cannot be far behind. Read more
Here’s something to put the equity rally in perspective.