Thoughts on the Market from Merrill Lynch’s Michael Hartnett

 

This just in from Merrill Lynch about the sell-off yesterday. The piece is called “While Athen Burns…” – Head Strategist Michael Hartnett”Drivers of the sell-off: earnings, interest rates/liquidity and positioning. China
growth fears and European credit contagion & deflation are the key macro drivers.”

“Global equities are off over 10% from their April 15th highs. Three reasons why:
earnings, interest rates/liquidity and positioning.”

“New lessons

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