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The Tell: Room for ‘one last meltup’ after Dow 20,000?

The stock-market rally that began in February 2016 and accelerated after Donald Trump’s presidential election victory in November may have room for “one last meltup” before succumbing to gravity, say analysts at Bank of America Merrill Lynch, in a Thursday note.

The analysts, led by chief investment strategist Michael Hartnett, previously warned investors to beware the “Icarus trade,” named for the Greek myth in which the aforementioned Icarus ignored his father’s warnings and flew too close to the sun, melting the wax on his homemade wings and plunging back to earth.

In their update, Hartnett and company say they believe “positioning, profits, policy are consistent with one last meltup in risky assets.

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