Michael Hartnett, Bank of America Merrill Lynch’s chief investment strategies, is bullish risk assets based on the bank’s positioning, profits and policy analysis. As the stock market continues to climb in the face of political uncertainty, it is “not dangerously euphoric” yet, Hartnett muses. This situation has not played itself out yet, he concludes in a February 7 report titled “Are we there yet? No.” Stocks look like they are headed towards a “melt-up” Just over one week after writing his investment analysis, Hartnett could not have known the US President Donald Trump would be embroiled in a scandal…
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