Bonds, Stocks, Gold Drop… BofA: Our Sell Signal Was Triggered

Bonds, Stocks, Gold Drop After Wages Pop, Dollar Jumps
The dollar is spiking, along with Treasury yields as stocks and gold are slammed following the hotter-than-expected wage growth data from BLS…

Gold is suffering the most for now…

BofA: “Our Sell Signal Was Triggered On Jan 30, S&P 2686 Is Next”

Last Friday, when the S&P hit an all time high and inexplicably melted up in the last hour of trading in a burst of frenzied buying, we warned that according to Bank of America, “Biggest Sell Signal In 5 Years Was Just Triggered.” Incidentally, on that very day, the S&P 500 bull market became the second largest of all time last Friday, as the global equity market cap of $86.6TN rose $57.9TN from 2009 lows and $29.9TN from 2016 lows, according to BofA.
In retrospect, following what is shaping up as the worst week for stocks since 2016, Bank of America was right.
Now, in a follow up, Bank of America’s chief investment strategist Michael Hartnett confirms in his latest Flows Show that the bank’s indicator of market sentiment officially hit a “sell” signal on January 30, pointing to a downturn for risk assets.
Specifically, the bank’s “Bull & Bear” indicator of market sentiment jumped from 7.9 to 8.6 on Jan 30, driven up by record inflows to equities and strong hedge fund risk appetite.

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