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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
Page: HOUSE_OVERSIGHT_014994 →30 Dec-16 call spread Buy GLD 116/124/130 Dec-16 call spread collar Buy TLT 123/132/137 Dec-16 call spread collar Buy Oct16 110%f calls on VIE FP, Al FP, IBE SQ, STAN LN 18-Jul- and MUV2 GY Buy an Oct16 110%F call on an equally weighted basket {quanto EUR) Buy 0.895x V2X Oct 21 puts, sell 1x VIX Oc
Page: HOUSE_OVERSIGHT_014994 →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
Page: HOUSE_OVERSIGHT_025997 →future, short V2X Jan-17 future Buy a 6M ATM worst-of call on XLP & GLD Buy a 6M ATM worstof {SPX put, GLD call} Buy Oct16 110%f calls on VIE FP, Al FP, IBE SQ, STAN LN and MUV2 GY Buy an Oct16 110%F call on an equally weighted basket (quanto EUR) Buy TLS 25-Aug16 95% puts Buy CSL 25-Aug-16 95% pu
Page: HOUSE_OVERSIGHT_025997 →as protesters ready to shut down the capital (Time) Leading European Sectors: Banks +0.56%, Tech +0.48%, Trav/Les +0.47% Lagging European Sectors: Utilities -1.01%, Food/Bev -0.56%, Oil & Gas -0.54% AN CFO leaving — MIDD buys Market Forge — SPRT guides up FSFR raised dividend — LAND declares div — TISI
earch: • ABG upgrade ERICB SS, Beren upgrade TEL2B SS, CBK upgrade EVK GY, AMP IM • BofAML downgrade WDH DC, SZG GY, AKE FP, BAS GY, upgrade El FP, Al FP, LIN GY • DB initiate AOI SS, GENL LN, OPHR LN (buy), AFR LN, CNE LN, LUPE SS, TLW LN (hold) • Exane upgrade PIC LN, HSBC downgrade HGG LN, HG1 GY,
Entities connected to both Utilities and Al FP

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