NEW YORK: Investors are preparing their portfolios for a potentially rocky patch in U.S. stocks, worried that a dramatic rebound in equities may stall amid dimming economic data and rising political uncertainty.
The performance of options strategies designed to profit in sideways markets - such as the"iron condor," which involves long and short positions on both calls and puts - has also improved. The iron condor strategy has drawn controversy and prompted investigation by some legal firms following its poor performance during sharp sell-offs, such as in December 2018.
Market participants hope the Labor Department's July payrolls report, due next Friday, will shed more light on the state of the recovery. "Normally the safe-haven money would be on the fixed-income side, but having some cash for a while seems to be prudent to me," he said. "As the S&P has been rallying, we've been reducing our exposure to domestic stocks," Kirby said."Europe is looking increasingly resilient."Choppy trading in U.S. stocks has helped keep the Cboe Volatility Index above its long-term average even though shares overall have moved minimally, strategists say.
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