Wall Street is returning to an overly bearish sentiment in late 2024, but is this actually a contrarian signal when heading into the US presidential election? BofA Securities Chief Equity Technical Strategist Stephen Suttmeier sits down with"The difference between a normal year and an election year, presidential election year is you tend to get a strong summer rally, which we've gotten this year, June, July, into August, and that typically sets up a little bit of a pullback or...
So September, generally speaking, going back all you using every year going back to 1928 it's the only month of the year that is up less than half the time.Uh, the difference between a normal year and an election year presidential election year is you tend to get a strong summer rally, which we've gotten this year, uh, June July into August, and that typically sets up a little bit of of a pullback or consolidation in September and October.
So in terms of individual investor sentiment, it's a little bit stretched, meaning that you can get some of the seasonality.You know, they went up, uh, as the market corrected, and then they've gone back down, meaning more complacency in the market.
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