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BAML's early 2019 outlook

Nov. 23, 2018 8:35 AM ETSPY, DIA, IVV, RSP, XLI, IYJ, VIS, SH, DOG, SSO, DDM, DXD, SDS, SIJ, UXI, EPS, RSPN, FXR, SPXL, SPXS, UPRO, BXUB, BXUC, UDOW, SDOW, VOO, SFLA-OLD, FIDU, AIRR, SPLX, SPUU, RYARX, UDPIX, VFINX, PPLC, SPXE, SPXN, SPXV, SPXT, JHMI, INDF-OLD, SPDN, DMRL, EDOW, USMC, YPS, SPXU, IVESBy: Clark Schultz, SA News Editor11 Comments
  • In an earlier preview of 2019 strategy, Bank of America Merrill Lynch says the firm is Overweight the healthcare, technology, financial, industrials and utilities (from Underweight) sectors.
  • The firm is Marketweight the energy, materials and consumer staples sectors.
  • BAML is Underweight consumer discretionary, communication services and real estate.
  • Stocks with high free cash flow are viewed more positively than stocks with increasing capex, high labor intensity and leverage.
  • "Our 2019 year-end target for the S&P 500 is 2900, where we believe the peak in equities is likely before the end of 2019," writes analyst Savita Subramanian.
  • The firm also calls bonds a compelling alternative for equities given their rise in yields.
  • ETFs: SPY, DIA, VOO, SH, SDS, IVV, SSO, XLI, SPXU-OLD, UPRO, SPXL, RSP, SPXS, VFINX, UDOW, DOG, DXD, SDOW, DDM, VIS, EPS, FIDU, IFLY, IYJ, FXR, BXUB, AIRR, SPLX, RGI, UXI, SPUU, BXUC, SFLA, SPDN, SPXE, SIJ, SPXT, EDOW, PPLC, UDPIX, JHMI, SPXV, RYARX, SPXN, INDF, DMRL, RVRS, USMC

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