Sentiment Toward Stocks Hasn’t Been This Bad in Years, Bank of America Says

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Sentiment Toward Stocks Hasn’t Been This Bad in Years, Bank of America Says

Bloomberg2023-04-04

Gloomy view on stocks brings contrarian gauge closer to ‘buy’Market usually rose if indicator was at current level or lowerFears of an economic downturn evoked by bank collapses have turned Wall ...

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That decline suggests worries about stocks are “well-aired,” and a positive surprise is more likely than a negative one, the BofA team said.Even so, other firms are warning stocks have room to fall after a swift rally over the last two weeks.Morgan Stanley’s Michael Wilson — among Wall Street’s most bearish voices — cautioned the recent rally in technology shares that lifted the Nasdaq 100 into a new bull market last week is unsustainable.And Stuart Kaiser, head of US equity trading strategy at Citigroup Global Markets, said Sunday in a note that last month’s stock-market surge was a distraction from important shifts in economic data, the monetary policy outlook and risk premiums that “leave little room for positive surprise and lots of space for disappointment,” adding that regional bank issues remain unresolved.Another 1.3 percentage-point slide in BofA’s sell-side indicator would trigger a “Buy” signal, according to the firm’s strategists. But even current levels or lower have generated positive returns for the S&P 500 over the subsequent 12 months 94% of the time, with a median gain of 22%, they said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":32,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}