THE ICARUS RALLY -  SUMMER EUPHORIA & FALL CRASH

According to the latest BofA flow show report, Michael Hartnett writes:

Strong inflows, "active" inflows, big returns, record low private client cash...Icarus won't soar forever; but big Humpty-Dumpty fall in risk assets awaits hawkish central banks + EPS/GDP reversals; in absence of immediate negative impact on small business employment following Obamacare repeal/replace failure and/or lurch toward tech-negative Occupy Silicon Valley policies, we think big fall in markets an autumn not summer event; meantime 2660 SPX & 510 ACWI = global market cap as % of GDP reaches record highs (Chart 4)...both remain reasonable Icarus targets.