Sentiment shift in the market
Hedge Funds almost everyone started 2023 defensively before being forced to adjust to the gravity-defying advance.
Hedge Funds ‘Throwing In Towel’ on Stocks as Rally Forces Unwind
Sentiment offers better guide on markets amid murky economy
Up in all but two months October, the S&P 500 has climbed 28% over the stretch, sitting roughly 200 points away from fully erasing 2022’s bear market.
Bloomberg 31 July 2023
Stocks fall as economic data shows high rates hit jobs figures and factory activity
Wall Street trades lower and Europe’s main indices are all down
Financial Times 1 August 2023
Wall St. Pessimists Are Getting Used to Being Wrong
The S&P 500 is up more than 19 percent this year, but some still warn that the future may not be as rosy as that implies.
After starting the year with dour warnings about the economy, many investors and analysts have changed their minds.
This newfound bullishness is grounded in signs that inflation is slowing and the economy is still standing strong, as well as a belief that corporate profits are set to grow now that interest rates have reached their peak, or are at least very close to it.
“We were wrong,” Mike Wilson of Morgan Stanley, one of the most pessimistic analysts on Wall Street at the start of the year, wrote in a note to clients this week.
But that doesn’t mean Mr. Wilson thinks the future will be as rosy as many investors do. He is still predicting that the S&P 500 will end the year more than 15 percent below where it is today, and he is not alone.
Joe Rennison New York Times 28 July 2023
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