Michael Harnett also signals an increased risk of a stock market bubble this summer, after the congress last week in the USA approved the Trump administration's contentious package of tax cuts and cuts that risk pushing up the USA's national debt from already high levels.
"Greed is harder to overcome than fear", writes Hartnett in the report.
The stock exchanges on Wall Street have risen to historically high levels since President Donald Trump in recent weeks has given the impression of refraining from the worst customs duties against other major economies – with technology stocks as locomotives.
In futures trading, the USA stock exchanges fall on Friday, when regular stock trading is closed due to the celebration of Independence Day on July 4.
