Wall Street strategists lose their marbles

Monday, 2 August 2021

Let’s wrap up last week’s Wall Street strategist drivel. BofA:

BofA Bull & Bear Indicator: down to 5.9 from 6.1 (Chart 1) driven by weaker EM debt inflows, HY flows, and deterioration in equity breadth (global indices less overbought).

On Stagflation: preference for quality & defensives driven by inflationcausinggrowth&EPS estimates to fall; US consumer (#1 driver of world growth) has peaked.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.