Another paradoxical observation emerges when combing through the latest Bank of America data.
First, as discussed earlier today, while a net 48% of surveyed fund managers had an allocation to equities in March, the highest in two years, this flood into stocks has taken place even as the highest number of respondents since 2000 admitted stocks were overvalued.
That was one part.
One day after the Trump administration imposed restriction on carry-on electronic devices on planes coming to the United States from 10 airports in Muslim-majority countries in the Middle East and North Africa in response to unspecified terrorism threats, moments ago the UK issued a similar ban, restricting the use of carry on laptops and tablets for inbound flights for flights originating in the following middle-eastern nations: Turkey, Lebanon, Jordan, Egypt, Tunisia, and surprisingly, Saudi Arabia.
Just ten days after the US Attorney for New York, Preet Bharara was fired by Donald Trump, prompting speculation if he was working on a probe of Trump himself when he was terminated and further speculation which employer would imminently retain Bharara's services, moments ago the former attorney gave the answer: he is joining the NYU School of Law.
Proud to join NYU School of Law https://t.co/noscBDHVk2
— Preet Bharara (@PreetBharara) March 21, 2017
As previewed last week, in what we hope is not considered "innovation", moments ago Apple has introduced a 9.7-inch iPad with Retina display, starting at $329. The pricing starts at $329 for 32GB with Wi-Fi model and $459 for 32GB Wi-Fi + cellular model. The iPad will be available to order beginning March 24 in the U.S. and more than 20 countries and regions.
European stocks are modestly in the green as gains in banks and oil companies offset declines in miners. Asian stocks and S&P futures rise with Emerging-market stocks extending their longest winning streak since August on the back of the 5th consecutive daily drop in the USD.