From: Ens, Amanda Sent: Saturday, August 6, 2016 3:38 PM To: Jeffrey Epstein Cc: Rich Kahn Subject: Alpha Checklist from MEGA Americas Jeffrey, this is our weekly alpha checklist. For the l0y JGB in yield terms at -9bp, there are stops over 5bp and t=en 25bp resistance and massive stops above 30bp (but don't see the BoJ let=ing it get that far in the near term) From: Kaldor, Gregory Date: Saturday, Aug 06, 2016, 8:07 AM To: Ens, Amanda Subject: Alpha Checklist from MEGA Americas <1=> Alpha Checklist Summary: =nbsp; &nbs=; Fixed Income volatility (BAML MOVE Ind=x) is going up relative to equity implied volatility (VIX Index). The move=feels structural with Ethan Harris noting in his latest "Ethanomics" <http://rsch.baml.com/r?q=0=O10vHoy34g- USLrMQquw&e=amanda.ens%40baml.com&h=clenmA> that the US is beginning to run-up against mild supply-side restrain=s. This does NOT mean the "stagflation", rather a modest deterio=ation in the inflation-growth trade-off. It comes in the context of strong US payroll data chttp://rsch.baml.com/r?q=x=FI7nFtIDGsULCIZFM7VA&e=amanda.ens%40baml.com&h=DIvqlw> . On=top of this, Hans Mikkelsen notes the acceleration in revolving US consumer debt =or the first time since the financial crisis <https://rsch.baml.com/r?q==0zEPAIFhslsaeQFf966pQ&e=gregory.kaldor%40baml.com&h=NncE3g> (see chart below). We also note our BAML GLOBALcycle indicator moved back into positiv= territory for the first time since late 2014 chttp:firsch.baml.com/r?q=9!nsBXZBz4m4EwYdl23jdta&e=am=nda.ens%40baml.com&h=YKU8fQ> (s=e chart below). Both the developed markets (DMcycle=/span>) and emerging markets (GEMcycle) components individually shifted into positive territory as well. Furthermo=e PM's for the Euro area (ex-UK) and US remain very much =n expansionary territory. <http://rsch.baml.com/r?q=8Vhz=i7ZURvyXyDCoxb IrQ&e=amanda.ens%40baml.com&h=X2v1qQ> In China, Ajay Kapur notes the drop i= REAL corporate bond yields from 10% last summer to o