That is the highest reading in the survey's history
- Cash levels rose from 4.7% to 4.9%
- "Choppy/Higher summer prices" at play
- Survey respondents recommend selling S&P 500 above 3,250, buying below 2,950
- 14% say economic recovery will be V-shaped, 44% expect U-shaped, 30% W-shaped
The headline pretty much tells the story of what has been transpiring in the market over the past few months. The trend is even more noticeable with the Nasdaq outperforming in general and having posted fresh record highs in the process.
Despite the euphoria, a consensus trade is always dangerous and can be subject to violent pullbacks. Yesterday's 2% blip in the Nasdaq is pretty mild to say the least.
It will be interesting to see if we may hit a temporary top after the fatigued session yesterday. For some context, the Nasdaq has yet to see back-to-back losses in trading since 10-11 May. Will today be where that streak ends and we see a deeper correction?