Bank of America (NYSE: 
BAC) Stock: Commodities Lead 2026 ‘Run-It-Hot’ Trade
Bank of America (NYSE:BAC) has doubled down on its “run-it-hot” thesis for 2026, calling commodities the top trade of the year as the global economy enters a high-growth, high-stimulus phase. The bank’s strategists, led by Michael Hartnett, argue that commodities are set to outperform due to strong fiscal expansion, potential inflationary pressure, and policy shifts under the Trump administration. Energy, industrial metals, and broad-based commodity indices have already delivered impressive gains this year as investors position around the AI-driven data-center boom.
The Vanguard Commodity Strategy Fund is up 17% YTD, beating the S&P 500, while commodities-heavy sectors such as Industrials (+17%), Utilities (+15%), and Energy (+7%) continue to attract flows. According to BofA, these returns can extend into 2026 thanks to four core drivers: higher inflation expectations, fiscal stimulus, the weakening appeal of bonds, and structural de-globalization. Tariffs, geopolitical fragmentation, and supply-chain recalibration are boosting demand for raw materials, while gold’s historic rally—up 60% this year—shows investors are pricing a long runway for commodity strength.
BofA also highlights that oil could be the top contrarian trade of 2026, especially if geopolitical tensions moderate. Combined with infrastructure investment and AI-related energy demand, the commodity complex may continue to lead risk assets.
TECHNICALS
Bank of America’s stock shows a strong bullish structure on the 3D chart. BAC broke above the previous $48–$50 supply zone and is now trending firmly above its 9-SMA. Price is consolidating near $54–$55, building a base just below its recent high.
RSI remains bullish at ~64, indicating healthy momentum without extreme overbought conditions. The MACD line is hovering near a bullish continuation signal, suggesting the uptrend has room to extend. If BAC holds above $52.50, the next upside target is $58, followed by $60–$62. A breakdown below $50 would be the first sign of weakening momentum, but current structure favors continued upside in line with the commodities-driven macro outlook.
BAC) Stock: Commodities Lead 2026 ‘Run-It-Hot’ TradeBank of America (NYSE:
BAC) has doubled down on its “run-it-hot” thesis for 2026, calling commodities the top trade of the year as the global economy enters a high-growth, high-stimulus phase. The bank’s strategists, led by Michael Hartnett, argue that commodities are set to outperform due to strong fiscal expansion, potential inflationary pressure, and policy shifts under the Trump administration. Energy, industrial metals, and broad-based commodity indices have already delivered impressive gains this year as investors position around the AI-driven data-center boom.The Vanguard Commodity Strategy Fund is up 17% YTD, beating the S&P 500, while commodities-heavy sectors such as Industrials (+17%), Utilities (+15%), and Energy (+7%) continue to attract flows. According to BofA, these returns can extend into 2026 thanks to four core drivers: higher inflation expectations, fiscal stimulus, the weakening appeal of bonds, and structural de-globalization. Tariffs, geopolitical fragmentation, and supply-chain recalibration are boosting demand for raw materials, while gold’s historic rally—up 60% this year—shows investors are pricing a long runway for commodity strength.
BofA also highlights that oil could be the top contrarian trade of 2026, especially if geopolitical tensions moderate. Combined with infrastructure investment and AI-related energy demand, the commodity complex may continue to lead risk assets.
TECHNICALS
Bank of America’s stock shows a strong bullish structure on the 3D chart. BAC broke above the previous $48–$50 supply zone and is now trending firmly above its 9-SMA. Price is consolidating near $54–$55, building a base just below its recent high.
RSI remains bullish at ~64, indicating healthy momentum without extreme overbought conditions. The MACD line is hovering near a bullish continuation signal, suggesting the uptrend has room to extend. If BAC holds above $52.50, the next upside target is $58, followed by $60–$62. A breakdown below $50 would be the first sign of weakening momentum, but current structure favors continued upside in line with the commodities-driven macro outlook.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.