The Blow-Off Top: “More S&P Delta Was Bought In Last 2 Weeks Than At Any Point Since 2007”

Jon Alternative Media, Blogosphere, Economy

Last week, BofA chief investment strategist Michael Hartnett summarized the current market as follows: the “best reason to be bearish in Q4 is there is no reason to be bearish.” He also observed that tha market’s “blow off top” phase, which he dubbed the Icarus Rally previously, had been activated and was approaching its final thrust, with BofA’s Q4 targets for this final push in risk assets as follows: S&P 2630, Nasdaq 6666, 10-year Treasury 2.85%, EUR 1.15.
And yet, some have argued that Hartnett’s designation is not accurate, as there simply is not enough exuberance and euphoria to defined this phase of the market as a blow off top. Which, of course, is also debatable: for one, CNN’s frequently noted Fear and Greed index closed last week at a level of 95, indicating of near widespread euphoria.

This post was published at Zero Hedge on Oct 9, 2017.