Take the head of the world’s biggest asset manager, BlackRock’s Larry Fink, who said Tuesday, as the S&P 500 inched closer to a record, that he sees a risk of those, afraid of missing out, piling into the market in a so-called “melt-up.” What he’s not too worried about is a big selloff, at least in the near term.
Calvasina has been tracking weekly U.S. equity futures reports provided by the U.S. Commodity Futures Trading Commission . Some on Wall Street use those data as a measure of sentiment of how hedge funds and institutional investors are positioning in the U.S. equity markets. “If we’re only getting modest earnings growth this year, S&P 500 only deserves to have modest expansion based on how it is played out the last few times,” says Calvasina.
The chart China stocks have been reacting to that big batch of economic data, giving one more step up to a rally that has already seen the Shanghai market advance around 30% this year—which merits a spot in our chart of the day. Netflix NFLX, +3.04% shares are lower after the streaming video group reported a record number of paying subscribers, but reported a weaker second-quarter growth forecast.
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