04 May
‘Smart money’ starts to bail on stocks’ rally
After more than eight weeks of a rally, stock market behavior is close to exuberance, say “smart-money” strategists who view factors such as rising participation and positive reactions to most news as tell-tale signs that it’s time to take money off of the table.
“Just like when too many participants bet on the same horse the betting odds on that horse go down, the ‘betting odds’ of making money in the short-run have been greatly reduced after eight weeks into this upside skein,” says Raymond James market strategist Jeffrey Saut in his latest research call.
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