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MARKETS: Bank of America says get defensive on risk markets

Yahoo Finance's Alexis Christoforous and Jared Blikre break down the latest market action after Bank of America Merrill Lynch's weekly Flow Show report points to minimal flows in stocks and bonds. They do recommend a defensive posture unless and until there is an "event" or the Federal Reserve decides to ease up on the brakes.

Energy and material stocks are seeing the most in-flows.

Performance of the S&P 500 energy sector (XLE) components as of 12:45 pm ET:

ANDV Andeavor -2.42%

APA Apache Corp -5.04%

APC Anadarko Petro -3.01%

BHGE Baker Hughes a GE Co Cl A -3.31%

CHK Chesapeake Energy Corp -7.47%

COG Cabot Oil & Gas Corp -0.07%

COP ConocoPhillips -5.64%

CVX Chevron Corp -4.20%

CXO Concho Res Inc -1.40%

DVN Devon Energy -3.90%

EOG EOG Res -2.75%

EQT Equitable Res -2.18%

FTI TechnipFMC plc -3.75%

HAL Halliburton Co -4.97%

HES Hess Corp -5.05%

HP Helmerich & Payne -5.26%

MPC Marathon Petro Corp -3.11%

MRO Marathon Oil Corp -4.59%

NBL Noble Energy -4.27%

NFX Newfield Exploration -5.74%

NOV National Oilwell Varco Inc -3.50%

OKE Oneok Inc -1.36%

OXY Occidental Petro -2.89%

PSX Phillips 66 -3.40%

PXD Pioneer Natural Res -2.65%

RRC Range Res -2.15%

SLB Schlumberger Ltd -3.95%

VLO Valero Energy -3.18%

WMB Williams Companies -1.27%

XEC Cimarex Energy -2.85%

XOM Exxon Mobil -2.65%

Performance of the S&P 500 materials sector (XLB) components as of 12:45 pm ET:

ALB Albemarle Corp -0.69%

APD Air Products & Chem Inc -1.01%

ARNC Arconic Inc -0.35%

AVY Avery Dennison Corp -0.68%

BLL(HB) Ball Corp -0.22%

CF CF Industries Hldgs Inc -0.53%

DOV Dover Corp -1.37%

DWDP DowDuPont Inc -1.27%

EMN Eastman Chemical -1.31%

FCX Freeport-McMoRan Inc -1.58%

FMC FMC Corp 1.25%

IFF Intl Flavors/Fragr 0.47%

IP Intl Paper -1.04%

LYB LyondellBasell Ind N.V. 'A' -3.17%

MON Monsanto Co 0.80%

MOS The Mosaic Co (New) -0.59%

NEM Newmont Mining -1.19%

NUE Nucor Corp -1.25%

PH Parker-Hannifin -0.82%

PKG Packaging Corp America -1.43%

PNR Pentair Plc -0.97%

PPG(E) PPG Indus Inc 0.49%

PX PraxAir Inc -0.94%

SEE Sealed Air -0.02%

SHW Sherwin-Williams 1.00%

WRK Westrock Co -1.42%

WY Weyerhaeuser Co 0.78%