A central theme of Bank of America’s equity analysis this year has been the ‘melt-up’ trade. At the beginning of the year, Michael Hartnett, BAML’s chief investment strategist, wrote in a note to clients that “Our tactical view: after a January/February wobble, we believe stocks & commodities will have one last 10% melt-up in [the first half of the year].” Hartnett named this the “Icarus trade”: [timeless] “Call it the Icarus trade. The current melt up, which started back in Feb 2016, will be followed by a meltdown later in 2017.” As we near the end of the year, it seems…
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