Goldman "Focused On Put-Buying" As UBS Warns Of "Difficult Phase For Equity Markets"

US equity markets keep making new highs despite (in UBS strategists' view) obvious margin pressure, which, they warn, means we are about to see "a difficult phase for equity markets").

Very little earnings risk is being priced in the US while in Europe the only sectors with earnings upgrades since October are banks, construction materials and travel/leisure.