ASX to rise, US jobs report boosts Wall Street bulls
Australian shares are set to open higher after the S&P 500 hit a record. The $A has rebounded, oil has extended its rally and the US 10-year yield has plunged.
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Australian shares are set to open higher after the S&P 500 hit a record. The $A has rebounded, oil has extended its rally and the US 10-year yield has plunged.
Johannes Eisele/Getty Images Stocks have been flat over the last month, but pockets of speculation endure. In a recent piece, Lance Roberts argued that stocks are in a bubble that will eventually burst. He shared five indicators that show stocks' over-extension. Stocks have effectively gone sideways over the last month, with the S&P 500 down just 0.4% since April 21. But that's unlikely to be the continued fate of stocks as the economic rebound that investors have been anticipating begins to play out, according to Lance Roberts, the chief investment strategist at...
Stocktake: Retail investors more convinced of market bubble Bullish outlook remains despite assessment of stock value about 2 hours ago Fund managers are bullish but not euphoric – that’s the takeaway from Bank of America’s (BofA) latest fund manager survey. Contrarians will be concerned that the percentage of managers overweighting stocks remains close to all-time highs. So too is the number of managers taking above-average levels of risk, prompting BofA’s Michael Hartnett to caution that positioning is “peaking”. That said, cash levels have risen over the last month and are ...
MacroBusiness Access Subscriber Only Content at 1:20 pm on April 20, 2021 | 0 comments As usual, the accelerated COVID business cycle that we have dubbed the Amphetamine Cycle, is moving at a lightening pace. Previously, I’ve described the contest of market narratives as good news is good news, good news is bad news and bad news is good news. Q1 was defined by good news is good news with rising yields and stocks plus a strong DXY. Q2 has shifted to bad is good news with falling yields, rising yields and weakening DXY. What comes next? Capital Economics has a crack: There are 1699 words le...
MacroBusiness Access Subscriber Only Content Cross-posted from ZH: It was exactly one month ago that Wall Street exhaled a sigh of relief, and according to the March BofA Fund Manager Survey, consensus among Wall Street’s professionals was that Covid was biggest tail risk”, both taper tantrum were now viewed as bigger risks. Perhaps in retrospect declaring victory over covid was premature in light of today’s J&J vaccine halt, but in the meantime, a bulled up Wall Street has only gotten even more convinced that covid is one for the history books, but that the only risks left are n...