Epstein Secrets

broader equity market (lu chart) • USO puts are rich vs. SXEP calls: The number of long SXEP 25d calls

DJPY IMth vols are down to YTD low: Pricing in a slow summer • USDJPY 2M-1M term structure at its steepest & NKY's in its 98th %-ile since 2011 • BofA ML: BoJ plans for Sep16 'comprehensive assessment' create uncertainty • Market expectation for the Sep BOJ in terms of fwd vol is the near its lows YT

ader equity market (1st chart) * * U=O puts are rich vs. SXEP calls: The number of long SXEP 25d calls

vols are down to YTD low:=Pricing in a slow summer * * USDJPY 2M-1M term structure at its steepest &am=; NKY's in its 98th %-ile since 2011 • * BofA ML: BoJ plans for Sep16 'comprehensive=assessment' create uncertainty * * Market expectation for the Sep BOJ in terms of =wd vol is the near its lows

for Facebook and Priceline. Table 3: 1Q17 BofAML Estimates vs. The Street Large Cap Stocks (>$5bn Market Cap) Small Cap Stocks (<$5bn Market Cap} BofA ML vs. BofA ML vs. Ticker 1Q17 Metric BofA ML Street Street Ticker 1Q17 Metric BofA ML Street Street AMZN Revenue $35,335 $35,255 RATE Revenue $117 $1

rrill Lynch Hardline Retail team called “a little rich,” though it is difficult to tell if weak trends a

la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade

Tencent jumped post better than expected earnings SX7E 1M 25d call / SX5E 1M 25d call price ratio is in the 100" 2-yr percentile Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in

ation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Hi

Tencent jumped post better than expected earnings SX7E 1M 25d call / SX5E 1M 25d call price ratio is in the 100" 2-yr percentile Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in EM in the short-term Close position and BofA ML turned neutral in