Epstein Secrets

inflation) but inter-sector correlation now seems supported likely driven by the unwind of reflation trades (Chart 18). Bankof America <> ariective Merrill Lynch Global Equity Volatility Insights | 20 June 2017 11 HOUSE_OVERSIGHT_014982 --- PAGE BREAK --- Chart 18: European intra-sector realised correlation is near a 10-year Table 3: Person

t MLI (UK) +44 20 7996 7062 aguptal [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong

own stock should consider hedging a [email protected] pullback using a Sep17 collar (+17put/-18 call for 46bps) to hedge losses greater than William Chan, CFA >> 2.9% while retaining upside to 18 (stock’s ~15yr high is 18.05). Extending our EU equity Ste iene vs credit theme to single names, we find

to 2-Jun-17. m 3yr %-ile of average 12m ATMF implied vol © Sector market cap as a %-age of total SPX Top50 market cap Bankof America <> ; dee Ios Merrill Lynch Global Equity Volatility Insights | 06 June 2017 7 HOUSE_OVERSIGHT_023581 --- PAGE BREAK --- Chart 18: Long SPX Top50 dispersion strategies performed the best during the dotcom bub

eft sections) are dominated by scenarios of greater than 50% deleveraging. On the other hand, the second and fourth quadrants Bankof America <> ; re Merrill Lynch Global Equity Volatility Insights | 09 August 2016 5 HOUSE_OVERSIGHT_025982 --- PAGE BREAK --- have episodes of more benign model-driven deleveraging. In each quadrant exists examp

OUSE_OVERSIGHT_026003 --- PAGE BREAK --- Research Analysts Benjamin Bowler Equity-Linked Analyst MLPF&S +1 415 676 3595 [email protected] William Chan, CFA >> Equity-Linked Analyst Merrill Lynch (Hong Kong) +852 3508 3921 [email protected] Clovis Couasnon >> Equity-Linked Analyst MLI (UK) +