From Bank of America Merrill Lynch's latest Global Fund Manager Survey
Just a little snippet that could well be very relevant indeed this week:
In response to the 'What do you think is currently the most crowded trade?'
i.e.:
The three most crowded trades in July 2017
- Long Nasdaq (38%)
- Long US/EU corporate bonds (15%)
- Long Eurozone equities (12%)
BoA/ML conclude that:
- means ECB most likely central bank to spark global "risk-off"
Something to be aware of going into the EBC meeting Thursday. I'll have more of a preview of this meeting coming up, but for now ... while not much change is expected the danger side is for a more 'hawkish' tone.