The current earnings season is being overshadowed by macroeconomic forces such as conflict in the Middle East and surging Treasury yields. As a result, S&P 500 Index constituents are moving in unison as global events sway the markets. This is making it difficult for stock pickers to outperform their benchmarks, with only 37% of large-cap active managers outperforming their benchmarks as of September. Investors are now looking to Big Tech giants earnings next week for signs of whether Wall Street projections are too optimistic.
I tell you honestly we have moved to cash quite a bit now. We are almost 30% plus in cash at this point of time and we will wait to see what happens to the market.