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Perils of the Icarus Trade as the World Runs Short of Dollars

Breugel’s strange depiction of the Fall of Icarus, inspired by the poem from Ovid

by Ambrose Evans-Pritchard
Telegraph.co.uk

Bank of America calls it the Icarus Trade. Global stock markets will surge by another 10pc in a parabolic ‘melt-up’ this quarter, akin to the final stage of the dotcom boom.

This will be followed by a mirror ‘melt-down’ later in 2017 as the US Federal Reserves squeezes global liquidity, and rising bond yields puncture the Trump reflation trade.

Michael Hartnett, the bank’s investment strategist, says there will be a perfect moment for the ‘Big Short’ within a few months, but first we must all wait for the speculative fever to pass. The warning signs of a market top are not yet flashing red.

Continue Reading at Telegraph.co.uk…

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