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.