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after the recent rally: 1) an improved outlook on both activity levels and interest rates, driving revenue upside; 2) potentially lower regulatory burden, particularly as new supervisory leadership can come with the new administration; and 3) relatively lighter positioning in US financials vs. other sectors. (Erika Najarian) Trades Gaining Momentum: Finance-Related Assets vs. S&P 500 In the period since the US presidential election, the three top-performing S&P sectors and industry groups have all been finance-related (Banks, Financials, Diversified Financials) Trades Gaining Momentum: Finance-Related Assets vs. S&P 500 Civersified Finances Bones Prnenciats S&P SOO Source: Kensho Technologies The Flow Show, Michael Hartnett, 11/18. Violent rotation: record equity ETF inflow, record financials inflow, biggest bond outflow in 3.5 yrs, record EM debt outflow. Regards, Amanda Amanda Ens Director | Global Equities Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park | 5th Floor | New York, NY 10036 Phone: Mobile: pe This message, and any attachments, is for the intended recipient(s) only, may contain information that is privileged, confidential and/or proprietary and subject to important terms and conditions available at HOUSE_OVERSIGHT_011282