One of Wall Street’s more bearish strategists said stock investors are too optimistic and that it’s time to take defensive positions.
about the outlook for the world’s largest economy.
“The rally in some of the major averages over the last few weeks may have investors feeling a bit better again but given the underlying weakness in breadth and in some of the more cyclical parts of the market, we think that optimism should be faded.” “Friday’s relatively strong price action in small caps is another move we would fade as many smaller capitalisation companies struggle with inflation in their cost structures.”
Mr Essaye added that the volatility index collapsed back towards US summer lows last week, reversing the “in progress” status of the VIX as one of the “five recessionary bear market signals to watch”.
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