GREED, GREED, GREED but what follows?
About a month back, I made a solid move in the market that sparked a strong rally. Now, as we near the end of a strong earnings season, I'm in a neutral position, but I'm taking steps to secure gains by trimming my positions. I reckon a decent pullback would be beneficial before considering further upward movement. There's quite a few gaps to fill due to some impulsive buying, and I believe reallocating capital is crucial for a healthier market, especially considering how much weight big tech holds in the SPY.
NVIDIA's earnings showed remarkable strength. They surpassed already optimistic expectations by a significant 10%. The $600 target set by premium sellers seemed overly ambitious, yet those sellers managed to benefit from the earnings report released last week.
Many institutional investors are operating under the assumption of a smooth landing in 2024, envisioning reduced rates, a depreciating US Dollar, a weakened Chinese macroeconomy, and sustained dominance in Large Cap Tech. The consensus among fund managers leans towards the belief that the Fed's rate hike cycle is nearing its end, with expectations of forthcoming decreases in short-term rates. Additionally, there's a noticeable shift of interest towards Real Estate Investment Trusts (REITs) and Japanese stocks.
(Source: BofA Global Fund Manager Survey, BLOOMBERG)
NVIDIA's earnings showed remarkable strength. They surpassed already optimistic expectations by a significant 10%. The $600 target set by premium sellers seemed overly ambitious, yet those sellers managed to benefit from the earnings report released last week.
Many institutional investors are operating under the assumption of a smooth landing in 2024, envisioning reduced rates, a depreciating US Dollar, a weakened Chinese macroeconomy, and sustained dominance in Large Cap Tech. The consensus among fund managers leans towards the belief that the Fed's rate hike cycle is nearing its end, with expectations of forthcoming decreases in short-term rates. Additionally, there's a noticeable shift of interest towards Real Estate Investment Trusts (REITs) and Japanese stocks.
(Source: BofA Global Fund Manager Survey, BLOOMBERG)
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