Wald said his firm was approaching the group "selectively."
The index is "currently towards the lower end of its multiyear range going back three years ... at 33% bullishness," Wald said. "I think the reason for kind of this reset in sentiment is really just the overall poor market performance." Boris Schlossberg, managing director of FX strategy at BK Asset Management, wasn't quite as optimistic that earnings season would put stocks back on track to new highs.
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TradingNation Will central banks keep printing money?
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