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Via a note from BoA Wednesday US time

Bank of America’s “Sell Side Indicator” up to 55.8% from 54.9% in June

  • the reading implies an 11% return for the S&P 500 over the next 12 months
  • “This indicator is the most bullish of our five target models and continues to indicate that sentiment on stocks is still tepid, far from the euphoria one sees at the end of bull markets” 
  • “The dividend yield of the S&P 500 is now at a multi-decade record multiple of bond yields, and whereas the sustainability of dividends has come into question amid the recession, we think a significant proportion of the S&P 500 offers sustainable dividend yields”

Will this bull run ever end? Next leg higher when Trump sends out a selfie in a mask?

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