Accentuate the positive, they say. And why not, as we cruise into Monday with stocks pointing higher amid hopes for easing U.S. tariffs on China.
In that upbeat vein is our call of the day from the Stuck in the Middle blog’s Mr Blonde, who says oversold conditions are “leaving markets vulnerable to some good news.” “Bottom line, meaningful damage already done and being more bearish today than 6 months ago is probably inappropriate even if the correction has further to go,” he said.
More evidence that a turning point is ahead: a recent Bank of America fund managers survey showing managers with the highest cash balances in 20 years, plus recent capitulation among retailer traders. Citing Goldman Sachs, Mr Blonde said they appear to have sold 50% of what they bought in 2020-2021.
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