Investors better have enjoyed the summer stock market rally while it lasted, because it's almost over, according to Bank of America's Michael Hartnett. A move that has taken the S & P 500 up about 17.4% since hitting the June lows, has been a "classic bear really, and ultimately [a] self-defeating rally," the bank's chief investment strategist said in a client note Thursday. "Everyone is bearish but no one has sold stocks," Hartnett added.
Hartnett also expects Federal Reserve policy to play a role in thwarting the market's push higher. The central bank this year already has increased its benchmark interest rate 2.25 percentage points and is expected to keep moving higher. However, market participants have been hoping that recent comments from Fed officials indicate that at least the magnitude of the rate hikes will abate soon. "Very few fear Fed ," Hartnett wrote.
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Citigroup brokerage ordered to pay $14.9 million for failing to detect market abuseCitigroup Global Markets has agreed to pay £12.6 million ($14.9 million) after it failed to properly implement market abuse regulation requirements. European time was changing currency balances too much they change ranges totally about 20 yen to USD and makes too high for AUD by 18days for increasing European currency. Then they critically going for more higher risk of recession. And market may freeze then before. European did wrong markets operate ion and European markets may showing more wrong and higher inflation. Then US and Australia will involve their worst performance. US was reducing risk, but may increasing more recession risk again. US & most governments must be set big penalty to wrong trading and it countries, also it organizations to currency control. US maybe possible increasing CPI values again, by unbalanced at European times. Markets players may broken balance then give budget to CN. OPEC say fake s
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