Markets were mixed on Tuesday.
The S&P 500 fell 0.4 percent but the STOXX Euro 600 rose 0.1 percent and the Nikkei 225 rose 1 percent.
Alexandra Coupe, associate director and portfolio manager at PAAMCO, said that after the rally over the past year, “we are likely to continue to see this momentum to persist”. However, he also said that “when momentum crashes, it does so rather violently”.
Investors appear unconcerned though.
Respondents to the January Bank of America Merrill Lynch Fund Manager Survey reduced cash allocations to the lowest level in five years and put the most money in stocks in two years.
The American Association of Individual Investors saw those expecting gains over the next six months outnumber those who think the market will fall by 48.7 percent to 25.1 percent.
The Investors Intelligence survey of market newsletter showed the bull-bear spread at 64.4 percent to 13.5 percent, the biggest gap since April 1986.
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