Friday, May 7, 2010

Thoughts on the Market from Merrill Lynch's Michael Hartnett

This just in from Merrill Lynch about the sell-off yesterday. The piece is called "While Athen Burns..." - Head Strategist Michael Hartnett

"Drivers of the sell-off: earnings, interest rates/liquidity and positioning. China
growth fears and European credit contagion & deflation are the key macro drivers."

"Global equities are off over 10% from their April 15th highs. Three reasons why:
earnings, interest rates/liquidity and positioning."

"New lessons
􀂄 The excess liquidity phase of the bull market is coming to an end
􀂄 European deflation a huge risk
􀂄 Market is now differentiating between creditors & debtors; companies with
ambitious funding schedules may be penalized.
􀂄 Companies are safer than countries
􀂄 Best of breed stocks to outperform"

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