They’re slashing their equity allocations: BlackRock.
By Wolf of WOLF STREET
Stocks can’t seem to rally for more than two days in a row before getting hammered down again, punishing dip-buyers with relentless regularity for doing what had worked flawlessly for years.
Today’s swoon — the S&P 500 and the Nasdaq dropped 1.6%, the Dow 1.3% — put an end to the short-covering rally that started midday Wednesday, when the S&P 500 bounced off 1,812 and then rose 5.3% by late Friday. Draghi had given the buy signal.
“By the end of the week, weary investors had returned to an old habit: looking to central banks for solace,” wrote BlackRock Global Chief Investment Strategist Russ Koesterich, Monday morning before it all fell apart again…
Continue reading the article at WOLF STREET