Wall Street’s bearishness may offer another reason to buy, says BofA, as stocks rally

Bank of America’s sell side indicator, which tracks US sell side strategists’ average recommended allocation to stocks, extended its slide in May, down 22 basis points to 52.5%, analysts at Bank of America wrote in a Thursday note.

The indicator has sent a contrarian, bullish signal to the U.S. stock market, according to the note. The sell side indicator has been “a reliable contrary indicator”, meaning that it sends a bullish signal when Wall Street strategists are extremely bearish, and vice versa, the analyst noted. The Bank of America analysts added that they see other reasons to be bullish on stocks in addition to the fact that investors are mostly pessimistic.

Nederland Laatste Nieuws, Nederland Headlines

Similar News:Je kunt ook nieuwsberichten lezen die vergelijkbaar zijn met deze die we uit andere nieuwsbronnen hebben verzameld.

20 AI software stocks to lead $787 billion market share by 2026: BofAThe AI software market will boom to $787 billion by 2026. Here are the top 20 stocks that will lead, according to Bank of America.
Bron: BusinessInsider - 🏆 729. / 51 Lees verder »

Stock market today: Wall Street futures point higher on debt deal, but some tremors in retailGlobal benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.
Bron: wjxt4 - 🏆 246. / 63 Lees verder »

Stock market today: World follows Wall Street up on hopes Fed will ease off rate hikesAsian stock markets followed Wall Street higher Friday ahead of a U.S. jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed.
Bron: wjxt4 - 🏆 246. / 63 Lees verder »