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Need to Know: Investor who nailed the 1987 crash ditches stocks and bonds and here’s why

By this time next week we’ll be knee-deep in earnings from J.P. Morgan, Wells Fargo, Netflix, and a pile of other big names.

Until then, at least for Friday, it could be possible to have fresh records for the big U.S. indexes as we continue to bask in the warm afterglow of a dovish Fed.

Enter party-pooper Bank of America Merrill Lynch who warned clients Friday of an “overshoot” in credit and equity prices in coming months, followed by a “big [second half] top in asset prices.” Caution of that kind seems to be only getting louder as we bump along to these new highs.

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