.BI reports: "..The stock market -- even considering today's sell-off --
continues to be near all-time highs. What gives?
In a note published on Monday, Morgan Stanley's Gerard
Minack articulated the mentality of the market participants. ...This resilience
is in part understandable: prior years’ mid-year setbacks typically had an
overlay of systemic stress. This, for now, is pure-and-simple macro
disappointment.
But the more important factor seems to be the strong
consensus that any weakness will be temporary, with growth set to improve in
the second half. ...Despite downgrading forecast June quarter GDP (partly as
payback for upgrading March quarter forecasts), second-half forecasts are
little changed, and point to significant acceleration later this year…..
No comments:
Post a Comment