Overseas Indices

[Vandalayind]

Better read that article.

It doesn't have anything positive to say about the near term of stocks.

Bank of America global strategist Michael Hartnett sees these flows as well as the synchronous surge in global equity markets to overbought extremes as a hint of a culmination process for this advance getting underway.

“We are sellers-into-strength into vaccine,” he says, based on “peak positioning, peak policy, peak profits likely coming months,” comparing it to the 2018 pattern.

A buyer of Monday’s opening pop with the S&P 500 over 3600 for the first time is still underwater even as the S&P gained more than 2% on the week, as that buying frenzy faded and the huge growth stocks that dominate the index fizzled.