Wall Street is about as jammed with crowded trades as it’s ever been — retail guys, mutual funds and hedgies all loading up on the same, high-profile investments, according to Bank of America Merrill Lynch BAC, -0.81% .
“The last three years have been among the most difficult ever out of 33 in the industry because we haven’t owned FAANG [Facebook, Apple, Amazon, Netflix and Alphabet’s Google]” he said, adding that he’s convinced the rally could fall apart if the Fed disappoints with its rate cuts.Such a move could happen as soon as this week, if the Fed doesn’t deliver Wednesday a quarter-point cut.
Big weekend for Hollywood with Disney’s DIS, +1.20% “The Lion King” easily topping the box office to bring its whopping 10-day total to $350 million. “Once Upon A Time... In Hollywood” also fared well, with writer and director Quentin Tarantino enjoying his biggest opening ever.
Look out below regardless, have to explain why the cut was needed and that’s going to create another issue..... regardless, there’s going to be a reason to sell, imo! Tech especially, has huge downside risk, very little upside in the near term imo 70% cash and patiently waiting.
Really? Would you do that over a rate rise?
But we will all get a free taco!
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Source: CNBC - 🏆 12. / 72 Read more »