A note from Morgan Stanley, via DJ/Market Watch
- markets are priced for perfection and vulnerable
- The bank's global investment committee expects a stock-market pullback of 10% to 15% before the end of the yea
"The strength of major U.S. equity indexes during August and the first few days of September, pushing to yet more daily and consecutive new highs in the face of concerning developments, is no longer constructive in the spirit of 'climbing a wall of worry,'" said Shalett. "Consider taking profits in index funds," she said, as stock benchmarks have dismissed "resurgent COVID-19 hospitalizations, plummeting consumer confidence, higher interest rates and significant geopolitical shifts."
Here is the link to the MW piece for more.
Weekly candles ... yowza