Skip to comments.BofA's Hartnett: 'Summer Melt-Up Likely to Be Followed by Autumn Correction'
Posted on 07/16/2014 11:31:56 PM PDT by Citizen Zed
Investors are becoming more and more optimistic about stocks, and that probably presages a market correction in the fall, says Michael Hartnett, chief investment strategist for Bank of America Merrill Lynch (BAML).
Fund managers' equity allocations advanced to their second-highest level in 13 years this month, according to BAML's Fund Manager Survey. A net 61 percent of the 228 managers surveyed are now overweight stocks.
"Investor sentiment is beginning to melt-up," Hartnett wrote in the report, CNBC reported. "The summer melt-up is likely to be followed by an autumn correction."
(Excerpt) Read more at moneynews.com ...
Ya think? I heard the Fed is gonna stop propping up the bond market in the next quarter or two. Stock market will tank soon after - maybe 1500 to 2000 points ...
“maybe 1500 to 2000 points”
Me thinks that will just be for starters. Lots of folks who got killed in 2008 are bound and determined not to get caught again. When the bailing starts, it will be fast and furious.
“Melt up”? Yeah, okay...
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