Excerpt from Axios quoting DataTrek’s Nick Colas:
…. “What they’re saying: Some market analysts believe the market is looking oversold and is ripe for buying — hence why benchmarks have quietly stitched together an improbable win streak.
- Bank of America found that its clients were net buyers of stocks for 3 consecutive weeks.
- “Retail and institutional clients led the buying (both have been net buyers for the last three weeks). Hedge funds returned to selling after buying the prior week,” the bank wrote on Tuesday in a research note.
- “The S&P 500 still trades 13 pct rich to the common bear case target of 3,400 because neither investors nor business owners see enough signs of recession to alter their behaviors. Yet,” Nicholas Colas, co-founder at DataTrek, said”….
Full article here on Axios.