Bank of America

Bank of America: "Tick Tock"

In "Tick Tock", BofA's Michael Hartnett doubles down on his recent gloomy forecast that "positioning is becoming more consistent with autumn top in risk assets", and now expects the market to crack some time in August.

FOMC Preview: Just 2 Things To Watch For In Today's Fed Statement

With the market pricing in 0% chance of a July rate hike, and with no Yellen press conference to follow, there are just two things to watch for in today's FOMC statement: (1) any hints that Fed balance sheet reduction will be announced in September and (2) adjustments to the language discussing the recent disappointment in the rate of inflation (after 4 consecutive CPI misses).

What If The Debt Ceiling Turns Ugly: How To Trade A Fall Spike In Volatility

"We think volatility is unlikely to sustain these extreme lows in the fall and like selling Oct VIX puts as (i) seasonal patterns suggest the VIX troughs in Jul and peaks in Sep/Oct, (ii) the VIX has “settled” below 12 in only two of the past 27 Octobers, and (iii) fundamentally, the threat of debt ceiling brinkmanship in Sep/Oct, which has already spooked the T-bill market, should help support equity volatility."

Daily Trading Volume In Bitcoin Surpasses GLD

Daily trading volumes for bitcoin were $400mn in 2012 and have now moved up to about $2bn a day at present which means that - at current BTC prices - the total ADV of BTC traded is higher than that of GLD.

This Recovery Isn't All That Resilient, Here's Why

Most economists today applaud the resilience of the current recovery, which has stretched into its eighth year, the third-longest in postwar history. Resilience and rising household defaults, though, don’t tend to go hand in hand.

Euro Surges To 2-Year High In "Bipolar" Draghi Reaction; Futures Flat

"Draghi tried to talk the Euro down, even going so far as to suggest that ECB’s quantitative easing could be increased and prolonged," said Swissquote Bank's Yann Quelenn. "But the currency markets were not buying Draghi’s line, and neither are we. Available bonds are too scarce, and turn to a taper is too clear to disguise."

Treasury Volatility Crashes To Record Lows

Another day, another record low for volatility gauges, with Bank of America’s MOVE Index (considered Treasury Market 'VIX') falling to an unprecedented 48.26.

"ECB Or Not To Be": A Preview Of What Mario Draghi Will Say

Questions on possible exit scenarios will dominate the press conference. While acknowledging the strength of the economy, Draghi is likely to counter any ideas of an imminent and rapid path towards ending QE, instead urging patience with the still-subdued inflation outlook.