BAMl Clients Turn Bearish On Trump Rally; Biggest Sales Since June

As the stock market was climbing to record or near record heights last week, high on the notion of Trump tax reform and other “animal spirits,” something odd was occurring, a Bank of America Merrill Lynch report observed. The bank’s mostly institutional or well-heeled clients were turning bearish. And not just minor selling. This was some of the “Biggest sales since June,” an Equity Client Flow report bearing the same name observed. Bank of America Merrill Lynch clients turn bearish There has been much talk about the Trump Rally – optimism that has unleashed “animal spirits” and driven soft data such…