As the stock market was climbing to record or near record heights last week, high on the notion of Trump tax reform and other “animal spirits,” something odd was occurring, a Bank of America Merrill Lynch report observed. The bank’s mostly institutional or well-heeled clients were turning bearish. And not just minor selling. This was some of the “Biggest sales since June,” an Equity Client Flow report bearing the same name observed. Bank of America Merrill Lynch clients turn bearish There has been much talk about the Trump Rally – optimism that has unleashed “animal spirits” and driven soft data such…
BAMl Clients Turn Bearish On Trump Rally; Biggest Sales Since June
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.