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The Tell: Stock-market bulls may get scorched by ‘Icarus trade’ in 2017

Most on Wall Street know (or should know) the myth of Icarus.

He was the son of Labyrinth-designer Daedalus, who fashioned him a pair of feathery wings held together by wax. Alas, Icarus ignored his father’s warnings and flew too close to the sun, melting his wings and plunging back to earth.

It is a narrative that Bank of America Merrill Lynch analysts led by Michael Hartnett, the firm’s chief investment strategist, want investors to heed.

Hartnett & Co. in a research note dated Jan. 8, make the case that the so-called Trump rally—named so because of the boost stocks have enjoyed on the promise of the president-elect Donald Trump’s policies that appear to be pro-business, light on regulation and a boon for equities markets—could see more upside in the first half of 2017.

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