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  1. phil
    June 1st, 2016 at 12:54 pm

    BAML warns of summer stock swoon

    • The market may think it's braced for a summer rate hike, but it isn't, says BAML equity and quant strategist Savita Subramanian, warning of an up to a 15% decline in the coming months.
    • The Fed's rush to hike is at odds with what's currently a profits recession – at least two quarters of year-over-year negative earnings growth. The central bank has only done this three other times, she says, and on two of those occasions, the market sold off over the next 12 months.
    • Big beneficiaries of low rates like consumer staples (NYSEARCA:XLP) and utilities (NYSEARCA:XLU) are also the most expensive sectors, she adds, furthering her point that the market has not priced in a hawkish Fed.



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