Epstein Secrets

s emerging markets (EM). =/span> MEGA Trends Momentum Ran=ing:&n=sp; Greg Kaldor</=> Managing Director US MEGA (Macro Equity &=mp; Global Alpha) Bank of America Merrill=Lynch 8 EFTA_R1_00106345 EFTA01784779 This message, and any attachments, is for the intended recipient(s) on=y, may contain information that is

anagement. The MEGA Trends Index (MLDIMEGL Index,=+7.5% YTD), also clearly shows US equity sectors outperforming fixed i=come sectors. Techs (XLK), Telecoms (XTL), together with Healthcare (XLV) are the three sectors with strongest price momentum in the MEGA Tren=s Index. Health Care is the one sector wi

clawed back around 2/3 of their underperformance vs Defensives. Of course it depends how you frame the question since we have included Utilities and Telecoms in the defensive basket. But when we downgraded Banks 10 days or so ago they had outperformed Food and Beverage by ~50% since the lows of early July.

ariables like 10-year Treasury yields, gold and S/yen also hit oversold levels. The models are useful in isolation for highlighting any anomalies in Bankof America Merrill Lynch European Equity Strategy |01 December 2016 = 21 HOUSE_OVERSIGHT_014480 --- PAGE BREAK --- recent price action for individual assets. However, the

h Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from investment banking. The analyst(s) responsible for this report may also receive compensation based upon, a

errill Lynch (Singapore) (Company Registration Nos F 06872E and 198602883D respectively). MLIBLMB and Merrill Lynch (Singapore} are regulated by MAS. Bank of America N.A, Australian Branch (ARBN 064 874 531), AFS License 412901 (BANA Australia) and Merrill Lynch Equities (Australia) Limited (ABN 65 006 276 795), AFS L

hnology 647 14.9% 20% -9% Materials 24 40% 23% 3% Telecom 1 0.2% 29% 0% Utilities 2 0.3% 28% 0% S&P 500 ex.

oose to pay down debt over other uses of cash, in an attempt to skew their balance sheets less toward debt and more toward equity (see the section on no Bankof America <> Merrill Lynch Equity Strategy Focus Point | 29 January 2017 9 HOUSE_OVERSIGHT_023077 --- PAGE BREAK --- interest tax shield later in this repor