A bear-market rally could be lurking, but investors should ‘sell any rips,’ says Bank of America [Yahoo! Finance News]
Bank of America Corporation (BAC)
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Source: Yahoo! Finance News
Despite the extensive losses seen for stock markets so far this year, it’s not over until it’s over — and investors should keep selling into any big rebounds higher.That’s the advice from a team of strategists at Bank of America, led by Michael Hartnett, in their Friday “Flow Show” note. In focus for the bank is increasing debate about whether the market has capitulated, which refers to investors basically giving up on trying to recapture lost gains.Some strategists view capitulation as a sign the market has bottomed and a good time to buy stocks. However, even anear 1,200-point drop, , , were rising on Friday morning, but major indexes were still set toadd to a string of weekly losses.Read:The technician who called the 2020 market bottom says a ‘shocking rally’ is in storeBank of America pointed out that high cash levels for investors —- it reported earlier this week that global fund managers’ cash allocations were thehighest since 2001BofA Global Resear
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