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Summer Rally Bandwagon is Growing, Most Investors Expecting Bear Market Rally to Play the 'Jackson Hole Pivot' - Bank of America

By Senad Karaahmetovic Investors are buying US equities again with flows in a week to Wednesday the biggest in the last 10 weeks, according to Bank of America’s top strategist...
Summer Rally Bandwagon is Growing, Most Investors Expecting Bear Market Rally to Play the 'Jackson Hole Pivot' - Bank of America © Reuters. Summer Rally Bandwagon is Growing, Most Investors Expecting Bear Market Rally to Play the 'Jackson Hole Pivot' - Bank of America

By Senad Karaahmetovic

Investors are buying US equities again with flows in a week to Wednesday the biggest in the last 10 weeks, according to Bank of America’s top strategist Michael Hartnett.

As much as $20.6 billion was poured into equities with outflows from cash at $28.2 billion. However, the tech sector witnessed the 5th week of outflow at $1 billion. Similarly, the market saw the 8th week of outflows from financials ($1.2 billion) while consumer stocks recorded the largest inflow in 5 months ($1.2 billion).

“Summer rally bandwagon growing…bears (see plunging BofA B&B Indicator) + “peak” inflation + Fed "pause"; most oversold assets relative to 200DMA, i.e. vulnerable to tradable bounce,” Hartnett said in a client note.

In the meantime, BofA Bull & Bear Indicator is at 0.6, which is yielding an “unambiguous contrarian buy” signal, Hartnett notes.

Recent talks with investors showed that the overall mood is bearish, “so bearish most expecting bear market rally to play the 'Jackson Hole pivot'.”

The strategist also said that BofA will continue to fade rallies and sees SPX going to 4200 at the maximum.

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29-03-2024 00:38:40 (UTC+7)

EUR/USD

1.0797

-0.0029 (-0.26%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

EUR/USD

1.0797

-0.0029 (-0.26%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (1)

Sell (3)

GBP/USD

1.2626

-0.0013 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (6)

USD/JPY

151.35

+0.04 (+0.02%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (5)

AUD/USD

0.6518

-0.0014 (-0.22%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (8)

USD/CAD

1.3535

-0.0032 (-0.24%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

163.38

-0.37 (-0.23%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

EUR/CHF

0.9731

-0.0055 (-0.56%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

Sell (4)

Gold Futures

2,239.60

+26.90 (+1.22%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (5)

Silver Futures

24.927

+0.175 (+0.71%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (5)

Copper Futures

4.0092

+0.0092 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Crude Oil WTI Futures

82.93

+1.58 (+1.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

Brent Oil Futures

86.77

+1.36 (+1.59%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Natural Gas Futures

1.744

+0.026 (+1.51%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (2)

Sell (5)

US Coffee C Futures

188.53

-2.12 (-1.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (6)

S&P 500

5,251.01

+2.52 (+0.05%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

DAX

18,504.51

+27.42 (+0.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,123.45

+9.10 (+0.43%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (9)

IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (6)

Sell (1)

Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (7)

Sell (1)

Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (6)

Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

14.582

-0.030 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

 EUR/USD1.0797Sell
 GBP/USD1.2626↑ Sell
 USD/JPY151.35Neutral
 AUD/USD0.6518↑ Sell
 USD/CAD1.3535Sell
 EUR/JPY163.38Neutral
 EUR/CHF0.9731Buy
 Gold2,239.60↑ Sell
 Silver24.927↑ Sell
 Copper4.0092↑ Buy
 Crude Oil WTI82.93↑ Buy
 Brent Oil86.77↑ Buy
 Natural Gas1.744Neutral
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,251.01↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,123.45↑ Sell
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật lúc 18:53:18 28/03/2024
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