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

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

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

BofA ML turned neutral in EM in the short-term Close positions from trades that have benefited thus far from the rally in Financials and weakness in Utilities; monetize view that Fed will not hike in September Take advantage of low near term vol and a steep term structure Unwind Oct/Jan spread and maintai

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

ahead of closing the Rite Aid acquisition Cheap hedge against a bond tantrum Cheap equity upside in a bond / equity melt-up Record outperformance of Utilities vs. Financials + FMS positioning + central bank catalysts = potential for cyclicals / defensives mean reversion SX7E 1M 25d call / SX5E 1M 25d call p