Michael Hartnett, chief investment strategist of Bank of America Securities, said that the current US stock market structure is highly similar to that on the eve of the peak of the foam of Scinet in 2000. AI assets rose alone while other sectors were under pressure. He called AI the largest foam since the railway, and pointed out that the current high interest rate environment was different from that of the railway foam. Michael Hartnett suggested increasing holdings of bonds and listed four risk warning lines: the global financial stock ETF IXG fell below $125, the MOVE index rose above $125, the mid cap ETF MDY fell below $666, and the small cap ETF IJR fell below $135. The Bank of America's bull and bear index fell from 9.3 to 8.8 this week, still in the selling range.
