FYI: For investors, it may be a case of nowhere to run, nowhere to hide.
So says CNBC’s “Mad Money” host Jim Cramer, who warned Monday of a very “serious correction” in a day that saw the Dow skid 600 points on a retreat for oil and a firmer dollar, and mega-stock Apple AAPL, -0.58% (TICKER: AAPL) got the cheese touch.
Echoes of that last bit can be found in our call of the day, from Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch, who advises a cautious approach because he doesn’t think stocks have touched bottom.
“We remain bearish, as investor positioning does not yet signal ‘The Big Low’ in asset markets,” says Hartnett, in the bank’s closely watched November fund manager survey (the capitalization isn’t lost on us, nor Wall Street, we presume).
For one, the bank’s Bull & Bear indicator, which tracks investor sentiment is hanging around 3.1, meaning no “contrarian buy signal” is being flagged, he says. The gauge runs from 0 to 10, with the high end representing extreme bullishness and the low end extreme bearishness.
Managers surveyed believe the peak of this bull run is not here yet, with 12% upside seen from current levels, taking the S&P 500 to 3,056 (weighed average). That said, one of three respondents said they think the market has already peaked.
Regards,
Ted
https://www.marketwatch.com/story/stay-bearish-because-the-big-low-for-stocks-hasnt-arrived-yet-says-bank-of-america-2018-11-13/print
