BofA

BofA: Bitcoin Is Now "The Mother Of All Bubbles"… This Is How It Could Burst

Back in late 2017 when bitcoin surged higher to reach what would be its all time high of just under $20,000, a veritable cottage industry of experts calling bitcoin the biggest bubble in history emerged. But while the bubble-callers were vindicated for a few years, little did they know that just three years later what…

Record Wall Street Euphoria Triggers First BofA “Sell Signal” Since February 2020

At the start of December, we showed in a handful of charts how current market euphoria had blown away past “dot com” levels, and was in uncharted waters… and why not: as KLC put it, “there couldn’t be a greater bullish cocktail of recent news, with three COVID vaccines showing strong promise against a backdrop…

What Spending Slowdown: BofA Credit, Debt Cards Show Soaring Retail Sales

Ahead of Wednesday’s retail sales report, and in light of the recent sharp slowdown in the labor market and lack of progress on the stimulus front, most pundits expect a disappointing retail sales performance for the month of November, when retail sales are expected to drop by -0.3%, their first contraction since the April covid…

BofA Lists “Five Volatility Inducing Surprises” For 2021

While consensus is uniformly, concerningly bullish about 2021, with the average sellside forecast expecting a more than 10% rise in the S&P500 which is now seen as hitting 4,035 in 2021, up from below 3,000 just in May… … the odds of disappointment in a market priced beyond perfection, and at valuations that have never…

“Sell The Vaccine”: Euphoric Wall Street Goes “Full Bull” As Optimism Hits 20 Year High, Prompting BofA To Turn Bearish

Last Friday we reported that after looking at the wave of euphoric bullishness sweeping across on Wall Street sparked by a combination of a (newly) bullish lack of a blue wave coupled with imminent vaccine hopes, BofA’s Chief Investment Officer stood out amid the crowd of Wall Street cheerleaders and urged the bank’s clients to…